KIEV: The Ukrainian Security Services (SBU) announced on Friday that 10.8 million hryvnias (1.4 million dollars) set aside for the reconstruction of the main Euro 2012 stadium here have been misappropriated.

The director of Kiev`s Olympic stadium and his assistant "have misappropriated 10.8 million hryvnias of public funds released for the restruction of the stadium in the context of the preparations for Euro 2012," said SBU in a press release cited by the Interfax news agency.

The arena is scheduled to host the final of the 2012 European Championship and its renovation is crucial if Ukraine is to avoid losing the right to co-host the competition with Poland.

The slow pace of construction work in the former Soviet republic is already a source of concern for European football`s governing body, UEFA.

"If there`s no stadium in Kiev, there`ll be no Euro in Ukraine," warned UEFA president Michel Platini during a visit to the country last April.

Work on the stadium, due to finish in June 2011, has already been delayed but Ukraine`s new government, which has been in power since February, have vowed to ensure that it will be completed by September 1 this year.

BDST: 1117hrs, June 25, 2010
SA