Spain’s Guggenheim Bilbao Sacks CFO for Embezzlement

April 17, 2008 · Print This Article

Spain Art Museum Embezzlement Roberto Cearsolo Barrenetxea

Spain’s Guggenheim Museum Bilbao has sacked its Chief Financial Officer, Roberto Cearsolo Barrenetxea, Wednesday over confessed embezzlement totaling nearly $800,000 USD over the past decade through small transactions dealing with two companies related to the museum.

Museum officials were unaware of the theft until local authorities raised questions about an unrelated financial transaction.

According to Guggenheim Bilbao director Juan Ignacio Vidarte, Cearsolo confessed in a letter and has returned nearly $462,000 to the museum and has also pledged to return the remainder and to co-operate with a formal investigation.

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