Guggenheim Bilbao Exec Admits to Embezzlement

BILBAO, Spain—The chief financial officer of Spain's Guggenheim museum has confessed to embezzling almost half a million euros, reports the BBC.

Roberto Cearsolo Barrenetxea, who started working at the iconic museum in 1997, the year it opened, admitted his actions in a letter shortly after an internal investigation had begun. Officials say he confessed to transferring a total of 487,000 euros ($776,000) from companies linked to the museum into his own personal account. He has provided a check for 251,900 euros and has promised to return the rest of the money within three months.

The museum says it started the investigation after receiving a query from a regional financial tribunal.