The board of SAMRO is gravely concerned about a failed R47-million investment in a music rights initiative in the United Arab Emirates (UAE).
We have recently completed a forensic audit into the investment from which it appears evident that the board was misled into believing it was possible to successfully establish a music rights management agency similar to SAMRO in the UAE, to be known as the Arab Emirates Music Rights Organisation (AEMRO).
We are currently investigating a series of legal steps to recover the funds and, where possible, to take action against those involved.
We are totally committed to ensuring this happens, to ensure accountability and responsibility.
We cannot and will not accept the misuse or abuse of Southern African musicians’ funds, in any shape or form.
We are particularly focused on determining how we can recover the money that was used for the AEMRO venture and to ensure that SAMRO members gain maximum benefit from their hard work.
We have added additional financial controls and will use the lessons learnt from this project to introduce structural changes to the way management reports to the board, eliminating single points of failure and ensuring the integrity of information presented to the board