The Global Fund, which is backed by the Irish government and charities established by Bono has admitted that millions of dollars are missing from its accounts.
The major global charity has been in receipt of major funding from Bono’s Project (RED) Charity, which helps AIDS and HIV sufferers. To date the charity has received €115 million in Irish aid alone.
The organization works to fight AIDS, TB and malaria in developing countries and was created as an alternative to the United Nations.
The organization has admitted that about €25 million in funding has gone unaccounted for.
The news emerged after the charity confessed that only a small percentage of the $8 billion it has raised in recent years, has been audited. As a result the Global Fund fears that as much as two-thirds of its donations may have been lost to corruption.
According to investigators, millions were embezzled as a result of forged documents and improper accounting.
Sweden has announced it has suspended its annual donation of $85 million until the corruption has been investigated.
Major contributors to the charity include Kofi Annan, the Bill and Melinda Gates Foundation, and Carla Bruni-Sarkozy.