Spain’s former King Juan Carlos forced to go into exile amid tax haven scandal

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Spain’s former king Juan Carlos is to leave the country and go into exile abroad following a series of damaging allegations about his financial arrangements that have harmed the reputation of the monarchy and embarrassed his son, King Felipe.

In March Felipe stripped Juan Carlos of his annual stipend and renounced his own personal inheritance from his father after reports that he was in line to receive millions of euros from a secret offshore fund with ties to Saudi Arabia.

The Guardian reports that 3 months later, Spain’s supreme court launched an investigation into the former king’s role in a deal in which a Spanish consortium landed a €6.7bn (£5.9bn) contract to build a high-speed rail line between the Saudi cities of Medina and Mecca.

El Pais reports “A public prosecutor in Switzerland has been investigating a multi-million-euro donation received by Corinna Larsen, a friend of former Spanish King Juan Carlos I, from a Swiss bank account linked to a Panamanian foundation, according to a number of sources close to the judicial probe.

The documents where these payments are reflected were found during searches ordered by the prosecutor, Yves Bertossa, in the offices of the Geneva-based asset manager Arturo Fasana and the lawyer Dante Canonica, both of whom are linked to the network of companies that is currently being investigated by the prosecutor. Fasana was also investigated as part of the sprawling “Gürtel” case, a kickbacks-for-contracts network involving Spain’s conservative Popular Party (PP). He was probed for having moved funds for the businessman at the center of that case, Francisco Correa.

The Guardian/ El Pais

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