Finally, yesterday there was a real quality vote in the SGAE´s elections, which took place last Thursday. The Guardia Civil raided the organization?s headquarters after an order placed by the District Attorney´s corruption unit, which has been almost two years analyzing criminal evidence within the non-for profit organization.
Nowadays, at least 400 million euros are missing from the SGAE´s accounts and most of its executives are to blame.
Nine managers were arrested on Friday, and authorities looked for evidence of misappropriation and fraud after some Board executives tried to divert funds through subsidiaries or other investments outside Spain.
Teddy Bautista´s tenure as president of the organization is unsustainable. Not only because of his tyrannical ways of clinging to power for more than three decades, but for his revenue-raising obsession and his harassment against social networks. These illegal ways to secure himself a golden parachute retirement were overshadowed by his real state deals. Acquiring landmark theaters is a dubious way of using the funds of a nonprofit entity.
Long story short, all this nonsense has been brought up by elEconomista over the last three years and now prosecutor jumped in, showing we were right. The best thing that could happen to the SGAE is Bautista to leave as soon as possible. As for himself, he must face justice.
Translated and Edited in English by Jose L. De Haro
