Bilbao Guggenheim fires CFO in embezzlement case
http://www.iht.com/articles/ap/2008/04/16/arts/EU-A-E-ART-Spain-Guggenheim.php
Wednesday, April 16, 2008
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MADRID, Spain: Spain’s Guggenheim Museum says it has fired its chief financial officer for allegedly embezzling some €500,000 (US$800,000).
The Bilbao museum says it began legal proceedings Wednesday after firing Roberto Cearsolo Barrenetxea. Cearsolo has been financial director since 1997.
The museum opened an internal probe April 8 into certain financial operations after receiving a query from a regional financial tribunal. The museum says that Cearsolo sent a letter a day later confessing to having embezzled the money €487,000 (US$776,000) since 1998 from companies that are subsidiaries of the museum.
According to the museum, Cearsolo promised to return the money within three months. The museum says he has returned €287,900 (US$459,000) so far.
Vocab.
Embezzlement, chief financial officer, allegedly, legal proceedings, query, subsidiaries
