Spanish princess embroiled in company funds embezzlement case

The youngest daughter of Spain's King Juan Carlos and her husband will be up for trial for corruption charges, an Associated Press report published on the State Journal read. Princess Cristina of Spain and husband businessman Inaki Urdangarin are facing charges of abusing company funds for personal pleasure, the report said. On Saturday, Princess Cristina is set to appear on court to address queries from the judge who earlier dubbed real estate and consulting firm Aizoon, which is both co-owned by the royal couple, a front company. Palma de Mallorca Examining Magistrate Jose Castro has formally called out Princess Cristina as a primary suspect for fraud and money laundering, AP said.

According to court records, Castro said that majority of Aizoon's expenses appeared personal in nature and that these were never declared in the income tax returns of both Princess Cristina and Urdangarin. Moreover, Castro reportedly is looking to find out whether the amounts spent by the royal couple reached an annual value of over €120,000, which in turn could change the non-reporting of expenses into a criminal case punishable by a prison sentence when convicted. On the other hand, should the amounts will be lower than €120,000 annual limit, the royal couple will only face administrative charges and potential fines.

Princess Cristina's latest legal drama has put a damper on the royal family's public trust. Spanish monarchy expert Tom Burns Maranon said, "The standing of the monarchy has never been so low in living memory and this is certainly the worst time to be answering questions about money laundering or not paying taxes."

AP cited fraud experts, who said that the best way for Princess Cristina, and the rest of the Spanish monarchy to get their suffering public images more tainted is to play a dunce in court. Madrid-based lawyer Ignacio Sanchez for Hogan Lovells International LLP said, "She needs to minimize as much as possible her knowledge about Aizoon and her participation with the company. It's normal to create a company where you create income, but personal costs are not needed for the company and they are not accepted as proper activity."

Tags

Princess Cristina of Spain, King Juan Carlos of Spain, Spanish Monarchy scandals

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