The Association Of United Recording Artists, who collect and distribute royalties for radio play, has sacked its director Peter Horrey after discovering alleged “significant financial irregularities” according to the BBC.
It is believed that at least £700,000 is unaccounted for, and Horrey’s assets have been frozen after a high court injunction was obtained.
Company chairman Stephen King said: “We do not yet have a final figure for the money that has gone missing. We have called in specialist auditors to search through our accounts back to 1999, but £700,000 is our estimate so far.
“We have written to all our members informing them of the situation and they have been supportive of us. We are taking action to recover the money.”