Swiss drop money-laundering case involving Spain’s former king

Geneva’s chief prosecutor said on Monday he had closed a criminal investigation into allegations Spain’s former king Juan Carlos laundered “illegal commission” payments from Saudi Arabia, due to insufficient evidence.

A Swiss private bank involved in the three-year criminal probe was convicted of a reporting failure and fined.

Prosecutor Yves Bertossa said he had established that Saudi Arabia had paid $100 million in August 2008 into an account opened a month before at Mirabaud private bank in the name of a Panamanian foundation whose beneficial owner was Juan Carlos.

But Bertossa said in a statement that he had been unable to prove a sufficient link with a contract awarded three years later to Spanish companies for a high-speed rail connection in Saudi Arabia.

The Spanish royal household declined to comment on the development. Juan Carlos, who is living in exile in the United Arab Emirates, could not immediately be reached for comment.

Through his lawyer, Juan Carlos has previously declined to comment on the various allegations of wrongdoing against him. 

via Reuters