'Red-faced' Olympics' G4S security firm to forfeit upto 50million pounds over 'guard deployment blu

London, July 14 (ANI): Security firm G4S hired for the London 2012 Olympics is set to forfeit up to 50 million pounds after it accepted responsibility for failing to provide guards for the sports event.

In a statement by the firm, it said that it 'deeply regrets' the mistakes which led to 3,500 servicemen being summoned at the 11th hour to plug gaps in its Olympics security operation.

The incidents occurred after G4S admitted that it might not be able to provide enough guards for the Games, following which several hundred extra police officials are to be drafted into the Olympics security operation to fill the gaps caused by the blundering private firm.

G4S CEO Nick Buckles made the first open acknowledgement that the world's largest security provider dismally failed in its obligations to provide 10,000 staff for the Olympic venues.

"We are deeply disappointed that we have not been able to fully deliver against our contract with Locog and that it has been necessary to call upon the additional military personnel. In partnership with the military and Locog, we are working flat out around the clock to resolve the situation. We are determined that together we will deliver a successful and secure Games," the Daily Mail quoted Buckles, as saying.

In a statement made by the firm, G4S said it had run into difficulties in processing applicants in sufficient numbers through the necessary training and vetting procedures in what it described as 'an extremely complex workforce supply contract' on an 'unprecedented scale'.

"As a result, we will be unable to deliver all of the necessary workforce numbers. We have worked very closely with Locog throughout the build up. At the point we felt that we could no longer assure the scale of the security workforce we had committed to, we advised them of the situation," the statement said.

Although senior police officers welcomed G4S's apology, they said that it was 'too little and too late'.

G4S confirmed the responsibility for the additional cost of the increased military deployment.

Following G4S inability to provide the revised number of security guards it has promised for the Games, a total of 17,000 servicemen and women will now be involved in the Olympics, including 11,800 soldiers, 2,600 sailors and marines, and 2,600 airmen. (ANI)