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Spain

King Felipe relinquishes personal inheritance from King Juan Carlos


Casa de América/CC/Flickr

King Felipe has renounced his personal inheritance from his father, King Juan Carlos after a report by the Sunday Times revealed Felipe was the beneficiary of an offshore fund. The fund contained a €65 million gift from Saudi Arabia that Juan Carlos received while on the throne.

People began questioning the Spanish Royal Family’s wealth, and this evening, Casa Real released a statement saying the King was relinquishing his personal inheritance from his father. They made it known that King Juan Carlos is aware of his son’s decision.

Casa Real said, “King Juan Carlos is aware of his decision to renounce the inheritance from Don Juan Carlos that could personally correspond to him, as well as to any asset, investment or financial structure whose origin, characteristics or purpose may not be in accordance with the legality or with the criteria of rectitude and integrity that govern his institutional and private activity. and that they must report the activity of the Crown.”

This also applies to the specifically mentioned ‘Zagatka Foundation’ – that King Felipe is “totally unaware” of.

The statement from Casa Real quoted King Felipe during his proclamation speech to the Cortes Generales on 19 June 2014 in which he said:

“The Crown must (…) ensure the dignity of the Institution, preserve its prestige and observe an upright, honest and transparent conduct, as befits its institutional function and social responsibility. Because, only in this way, will he be entitled to the moral authority necessary for the exercise of his functions. Today, more than ever, citizens rightly demand that moral and ethical principles inspire – and exemplary rule – our public life. And the King, at the head of the State, has to be not only a reference but also a servant of that just and legitimate demand of the citizens.”

Additionally, King Juan Carlos’ allowance from King Felipe’s budget has been revoked.

Regarding reports of the ‘Lucum Foundation’, Casa Real received a letter, dated 5 March 2019, from UK based law firm, Kobre & Kim, informing the King that he was the listed beneficiary of the Lucum Foundation upon the death of his father.

King Juan Carlos received a personal copy of this letter, as did competent authorities and King Felipe’s attorneys.

Casa Real stressed, on 21 March 2019, to Kobre & Kim “that neither His Majesty nor His House had any knowledge, participation or responsibility whatsoever in the alleged events that he mentioned, – for which there was no legal justification for his involvement in them-, nor would it appoint a legal representative to initiate any negotiation with the aforementioned Law Firm on the events described.”

Furthermore, in front of a notary, the King “addressed a letter to his father, the King Don Juan Carlos, in order that if his designation or that of the Princess of Asturias as beneficiaries of the aforementioned Foundation were true Lucum, annul such designation, also stating that it would not accept any participation or benefit in that entity, also renouncing any right, expectation or interest that, even without his consent or knowledge, may correspond to him now or in the future in relation to the Lucum Foundation.”

Casa Real also emphasised that “in addition to the above, he stated that he had no knowledge or consent to participate, on his own behalf or on behalf of third parties, particularly his daughter, in any asset, investment or financial structure whose origin, characteristics or purpose may not be in full and strict accordance with the law or with the criteria of transparency, integrity and exemplary that inform its institutional and private activity.

“And in the hypothesis that, even without his consent or knowledge, he had been unilaterally designated as heir, legatee or beneficiary in relation to any assets, investments or structures, he stated that he did not accept any participation or benefit in said assets and waive any right.”

King Juan Carlos requested Casa Real announce the following:

  1. That of the two aforementioned Foundations at no time provided information to HM the King.
  2. That Mr Javier Sánchez-Junco Mans has appointed for his representation that, in the exercise of the right to defence, from this moment on he will proceed to publicly account for the information that may affect him and be considered coming.
  3. That, after his abdication in June 2014, on May 27, 2019, he announced that in June of that year he ended all institutional or official activity, withdrawing completely from public life.

About author

Brittani is from Tennessee, USA. She is a political scientist and historian after graduating with a degree in the topics from the University of Tennessee, Knoxville, in December 2014. She also holds a master's degree from Northeastern University. She enjoys reading and researching all things regarding the royals of the world. Her love of royals began in middle school, and she's been researching, reading, and writing on royalty for over a decade. She became Europe Editor in October 2016, and then Deputy Editor in January 2019, and has been featured on several podcasts, radio shows, news broadcasts and websites.