King Juan Carlos Of Spain Created Foundation To Hide Saudi Money

Retired Spanish king Juan Carlos I is thought to have hidden millions of dollars received from Saudi Arabia in a foundation. CREDIT: Twitter

In the ongoing investigation into Saudi Arabian money allegedly received by King Juan Carlos I of Spain, the monarch’s alleged “front” man, lawyer Dante Canónica, revealed in a statement to the Swiss prosecutor, that Juan Carlos ordered the creation of a foundation in order to conceal a “significant donation” he was going to receive from the Saudi king.

Yves Bertossa, the prosecutor, estimates the “donation” to have been around 100 million dollars and believes that the king relied on Canónica, Swiss fund manager Arturo Fasana, and the Mirabaud bank to carry out the operation.

According to previous information on the case, the donation was made to an account at the Lucum Foundation. The prosecutor doubts that this company was created in a “totally transparent” manner. Both Canonica and Fasana, both under investigation, appear in this society as president and secretary.

Canonica explained to the prosecutor that they finally met with the Saudi ambassador to the United States, who told him and Fasana that the money was a “pure gift” and advanced a range of between 20 and 100 million dollars. It was after this meeting, explains the lawyer, that the two opened the offshore Lucum Foundation.

The statement comes after the news yesterday that the retired king had “gifted” his former lover Corinna Larsen millions of dollars to purchase properties.

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Eleisha Kennedy

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