Spain’s King Felipe VI has renounced his inheritance after the family finances were exposed in a Saudi scandal. The announcement came after reports earlier this month in the Swiss daily Tribune de Geneve that former monarch Juan Carlos had received 100 million dollars from Saudi Arabia’s King Abdullah via a Swiss offshore account of an entity listed in Panama.
The money was lodged in a Swiss bank account in the name of a Panamanian foundation, the paper reported, according to which $65 million of that sum was given by King Felipe’s father Juan Carlos to his former mistress, Corinna zu Sayn-Wittgenstein.
A later report in Britain’s Daily Telegraph said that 52-year-old King Felipe was also a beneficiary of the fund.
In the palace statement released Sunday, the reigning king said that in April he had made it clear to a notary that he would accept no money from the foundation in question.
He also said that he had absolutely no knowledge of having been named as a beneficiary to another foundation, which according to press reports paid millions of euros for his father’s flights in private jets.
The statement said King Felipe was renouncing any assets, shares or investments that might be either illegal or compromise the royal family’s integrity.
Spanish media reports say Juan Carlos has until now received an annual allowance from the state of more than 194,000 euros ($216,000).
On Twitter, economist Carlos Sanchez Mato of the United Left party, called on the king to renounce everything he stood to inherit from his father – including his role as head of state.
Felipe VI no ha renunciado a toda la herencia.
Juan Carlos de Borbón también le dejó la Jefatura del Estado además de millones de euros en fundaciones opacas por medio mundo.
Que renuncie a TODA la herencia y que lo haga cuanto antes.https://t.co/xZxpEPjuJ6
— Carlos Sánchez Mato🔻 (@carlossmato) March 15, 2020
On Tuesday, the Spanish parliament decided against launching an investigation into suspected money laundering by the former king.
GreatGameIndia is a journal on Geopolitics and International Relations. Get to know the Geopolitical threats India is facing in our exclusive book India in Cognitive Dissonance. Past magazine issues can be accessed from the Archives section.