The former Spanish king borrows 4.4 million euros to pay off his debts

The former king of Spain, Juan Carlos, borrowed money from friends and businessmen in order to pay off 4.4 million euros of his tax debt, the Spanish newspaper “El Pais” revealed.

Today, Saturday, the newspaper indicated that close to the king, who stepped down from the throne in 2014, signed loan contracts in front of a notary, in order to avoid facing any legal problems. This particular procedure was chosen because the donation procedure would have required paying taxes of up to 40% of the amount required to be paid.

The newspaper pointed out that the lenders list initially included more than 30 names, but was eventually limited to about 10, adding that the former king’s lenders preferred not to reveal their identity.

On Friday, Javier Sanchez Junco, the lawyer for the former Spanish monarch, confirmed to El Pais and other Spanish media that Juan Carlos had paid the additional amount voluntarily, transferring just under 4.4 million euros “including interest on arrears and surcharges.”

The previous king’s payment of this sum, which is the second installment of his debt repayment in less than three months, raised again questions about the finances of Juan Carlos, which damaged the reputation of the Spanish monarchy.

Last December, Juan Carlos, who chose to live in the United Arab Emirates since last August in exile, paid the first payment of debt, estimated at 680,000 euros.

The judiciary in Switzerland and Spain is investigating that the 82-year-old former king received a hundred million dollars in a secret account in Switzerland in 2008.

Spanish newspapers regularly publish details of the mysterious management of the money that Saudi Arabia is believed to have paid to the former king. Juan Carlos shied away from public life last year after he abdicated the throne in June 2014 in favor of his son Felipe VI.

Source: alwakalat