Video: Chief of Security Apologizes For Olympic Debacle 

Nick Buckles, the chief executive of security firm G4S, apologized for the "humiliating shambles" in Olympic security.

Nick Buckles, the embattled chief executive of security firm G4S, apologized for the Olympic security debacle, agreeing that it had been a "humiliating shambles" which left the company's reputation "in tatters," according to British newspaper The Independent.

Speaking before the Home Affairs Committee, Buckles said he regretted the firm ever taking the Olympic security contract, which it took on to enhance its reputation, according to the BBC.

The BBC said the company may lose £50m ($78m) of the £284m ($444m) contract because of failure to supply enough guards.

The company was unable to provide the 10,400 guards for the Olympics that it had agreed to, said CNN. The government called in 3,500 military personnel to fill in the gap and will also deploy extra police.

Buckles, questioned by lawmakers, said, "We regret signing the contract."

Only 4,000 guards are trained and ready as of now, and Buckles said the firm had an "expectation" that 7,000 would be trained in time for the Games on July 27, but he said the precise number was "a moving target," according to CNN.

Buckles said the police and military would be reimbursed for plugging the gaps, and the cost of accommodation would be covered, according to the BBC.

When asked why he had not resigned, Buckles said, "It's not about me; it's about delivering the contract. I'm the right person to ensure that happens."

Buckles insisted that the firm would still claim a £57m ($89m) "management fee," saying, "We've managed the contract and we've had management on the ground for two years. We still expect to deliver a significant number of staff," according to The Independent.

Chairman Keith Vaz responded, "I find that astonishing."

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