The 73-year-old Arnold was arrested and questioned in London last week about money missing from Davies's business account. He was released on bail in advance of a hearing on May 30, according to The Times of London.
Judy Arnold, Michael's wife, has been Davies's manager for 32 years, according to The Times, and the composer is reportedly good friends with both Arnolds and has dedicated compositions to them. Davies became suspicious when a large sum went missing from the proceeds of MaxOpus, the company he founded in 1999, which operates one of the oldest classical music download websites. The Arnolds were made directors of MaxOpus in 2000, according to The Daily Mail. A police investigation resulted in Michael Arnold's arrest on April 18.
Davies, 72, has been a prolific composer since the 1960s and in 2004 was made Master of the Queen's Music, a honorary position dating back to the 17th century. There are no fixed requirements for those honored with the role, but the holder is sometimes requested to write pieces for royal or state occasions.