Monday, July 13, 2020

Switzerland investigates €3.5m transfer from account held by Spain’s emeritus king to The Bahamas

Prosecutors continue to probe allegations of money laundering involving a foundation linked to Juan Carlos I, who abdicated the throne in 2014.

Spain’s emeritus king Juan Carlos I last February in Madrid.EP / GETTY

By Jose Maria Irujo

A Swiss prosecutor is investigating a €3.5-million transfer from a bank account held by Spain’s emeritus king Juan Carlos I to another account in The Bahamas, as part of a wider ongoing probe into alleged financial irregularities involving the father of Spain’s reigning monarch Felipe VI.

Swiss prosecutors are not investigating the former king for now, although they have not ruled out doing so in future. Instead, they are focusing on three individuals with ties to Juan Carlos I, who abdicated the throne in 2014 in favor of his son Felipe. King Felipe VI recently announced he is relinquishing any inheritance from his father, after news emerged that he himself was a beneficiary of two foundations named in the Swiss investigation.

The €3.5 million under investigation was sent from an account at the Swiss bank Mirabaud that was opened in the name of Lucum Foundation, a Panama-based entity whose first beneficiary was Juan Carlos I.

The money ended up in The Bahamas, a tax haven, in an account held by Dante Canónica, a lawyer who was also an administrator of Lucum Foundation, along with the fund manager Arturo Fasana.  Read more >>