01/13/2015 08:00 EST | Updated 03/15/2015 05:59 EDT

Peru's 2019 Pan Am Games get support despite allegation of misappropriation of funds

LIMA, Peru - The Pan American Sports Organization is supporting the Peruvian Olympic Committee's preparations for the 2019 Pan American Games despite an alleged misappropriation of funds by the committee.

In a statement late Monday, the Latin American sports body said it had "complete confidence" the Peruvian Olympic Committee would deliver the Pan American Games, an Olympic-style event held every four years. It said it would visit Lima soon on a fact-finding mission.

A Peruvian legislator alleged last week that the committee had misappropriated $500,000. President Jose Quinones has denied the allegation, but offered to resign.

Quinones said in a radio interview Monday that Peru was "ready and capable" of organizing the event. Peru is to spend about $700 million on the games.

The 2015 Pan American Games will be held in Toronto.