Management and 2007 Embezzlement Incident
According to a report issued in 2007 by the Basque Court of Auditors, the museum paid more than US$27 million for the acquisition of art between 2002 and 2005, including Serra's 'The Matter of Time' for the cavernous ground-floor gallery. After another audit in 2008 revealed that money was missing from accounts, the Foundation said that it filed a case against the director, Roberto Cearsolo Barrenetxea, "for financial and accounting irregularities", asserting that he had admitted diverting money from two companies that manage the Guggenheim Bilbao building and its art collection to his own account since 1998.
Read more about this topic: Guggenheim Museum Bilbao
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