The king?s throne isn´t shining. After some thirty years acting as president of the Spanish Society of Composers, Authors and Publishers (SGAE) Teddy Bautista was arrested last Thursday and detained by police on Friday due to accusations of fraud. The new directors of the SGAE relinquished him of any responsibilities within their organization and will appoint a new manager to take charge imminently. The committee will name Bautista?s successor on July 12 and will hold an internal review process in order to flesh out this person?s responsibilities.
The committee, which has allowed Teddy to remain a figurehead in the organization, explained to the media that the committee will preside temporarily and, above all, will have the ability to depose the president at any time.
The new committee will be comprised of five members selected by the board of directors and will be presided by an external and independent director. While they still have not publicized a name, the singer Víctor Manuel assured during a press conference that that they are looking for someone who is ?economical and well-renowned? so that they can, with the greatest impartiality possible, carry out an external audit of the firm and an internal investigation on the events that the business and magistrates office have done since 2010.
During the process the president of the organization will be detained, because he was the main driver of the scandal. ?We are acting as the chief investigators that could bring everything to light,? assured Sabino Méndez during the press conference. ?The investigation is required by rule of law because it will serve to shake out the SGAE,? he said.
Changes in the executive power mean that the group is at ?a statutory standstill.? That is to say, an advisory director is not going to be named and the management committee will assume its role in the meantime. This movement is also stymying Bautista?s future as manager of the organization.
Translated and Edited in English by Brandon Dyches and Jose L. De Haro
