Guggenheim museum embezzler’s methods revealed

24th April 2008, Comments 0 comments

The methods used by former finance director to embezzle half-a-million euros involve unauthorised bank transfers and false inflated reports.

24 April 2008

BILBAO - The provincial culture chief for Vizcaya, Josune Ariztondo, revealed yesterday the alleged means used by the former financial director of the world-famous Guggenheim Museum in Bilbao to embezzle a sum of approximately half-a-million euros.

According to Ariztondo, who took advantage of an ordinary meeting of the regional culture commission on Wednesday to speak further about the case, investigations have so far uncovered 10 unauthorised bank transfers, all of which were carried out in 2005. The transfers were ordered by the former finance director, Roberto Cearsolo Barrenechea.

The money, totalling nearly EUR 200,000, was moved from the museum to two different accounts that had no connection with the Guggenheim. One of the accounts was registered in Cearsolo's name, while it is still unknown to whom the other account belongs.

Ariztondo went on to explain that Cearsolo then tried to cover up the operations by giving accountants inflated figures for the amounts of money the museum was investing in various share schemes.

[El Pais / ANP / Expatica]

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