Greenpeace says rogue employee lost $5.2 million on currency hedge gone wrong

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FILE - In this Tuesday, Sept. 24, 2013 file photo, Greenpeace ship \'Arctic Sunrise\' is escorted by a Russian coast guard boat, in Kola Bay at the military base Severomorsk on the Kola peninsula in Russia, at dawn. Greenpeace has suffered a 3.8 million-euro (.2 million) loss on an ill-timed bet in the currency market by a well-intentioned — if reckless — employee in its financial unit. The environmental group, which is based in Amsterdam, said Monday, June 16, 2014, the employee — who had bet the euro would not strengthen against other currencies in 2013, when it did — had acted beyond the limits of his authority. (AP Photo/Efrem Lukatsky, File)

AMSTERDAM – Greenpeace International has acknowledged losing 3.8 million euros ($5.2 million) on a bet the euro would not strengthen against other currencies in 2013— but it did.

The environmental group, which is based in Amsterdam, said the money was lost by an employee who acted beyond the limits of his authority but had hoped to benefit the organization.

Greenpeace did not identify the employee, who has been fired, and added there was no evidence of fraud.

In a statement Monday, Greenpeace apologized for the blunder to supporters and donors and said it was studying what went wrong.

It said it would absorb the loss over a period of several years by trimming “infrastructure investments.”

The group pledged not to reduce spending on campaigns to protect the environment.

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