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Cash-laundering probe linked to former king dropped

Money-laundering probe linked to former king dropped

Swiss prosecutors have dropped a money-laundering case linked to Spain’s ex-King Juan Carlos. Regardless of discovering that his offshore fund bought $100 million from Saudi Arabia, they didn’t show it was an “unlawful fee” cost.

The high-profile corruption case collapsed on Monday, with prosecutor Yves Bertossa asserting the closure of the probe.

The investigators proved {that a} Panamanian basis whose helpful proprietor was Juan Carlos I had obtained a significant donation from Saudi Arabia. Nevertheless, the inquiry failed to determine any hyperlink between that donation and contracts awarded to Spanish firms for development of a high-speed rail connection in Saudi Arabia three years later, the official revealed.

“The investigation has established that Juan Carlos I did, the truth is, obtain $100 million on the Lucum basis account at Mirabaud & Cie SA in Geneva, from the Saudi finance ministry on August 8, 2008,” Bertossa mentioned.

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The case was initially launched again in 2018 within the wake of media experiences claiming that the previous Spanish monarch had allegedly obtained “unlawful commissions” for abroad contracts, stashing his slush funds in Swiss and offshore financial institution accounts.

Whereas no fees have been introduced towards the previous king himself, the case additionally involved his associates, together with his former lover, Corinna Zu Sayn-Wittgenstein. The king’s mistress was suspected of receiving further funds of practically $9 million from Kuwait and Bahrain into her accounts. All the costs towards her and different people allegedly concerned have now been dropped.

Whereas Juan Carlos I – at the moment believed to be residing within the United Arab Emirates – has not made any public statements on the case, Zu Sayn-Wittgenstein welcomed the closure of the probe. In a written assertion on Monday, she claimed that some unspecified “principal wrongdoers” remained uninvestigated and “have been given time to hide their actions” whereas the probe was ongoing.

“Immediately I’ve lastly been cleared of wrongdoing of any sort within the three-year investigation carried out by the Swiss prosecutor,” Zu Sayn-Wittgenstein acknowledged. “My innocence was evident on the outset and this episode has served to hurt me additional as a part of the continuing abuse marketing campaign towards me by sure Spanish pursuits.”

The one entity to face penalties because of the corruption scandal is, apparently, the Mirabaud financial institution, which has been fined 50,000 Swiss francs ($54,100) over its failure to correctly report an account over suspicious monetary actions. The financial institution accepted the penalty, welcoming the closure of the proceedings and stating that its alleged failure didn’t contain the account linked to the previous king.