Spain's King Felipe VI has renounced his personal inheritance from his father Juan Carlos after media reports alleged that the former king received millions of euros from Saudi Arabia via an offshore account. The reigning monarch also decided to strip off his father from the annual stipend of 194,000 ($217,100).
The royal house said in a statement on March 15, that the King’s decision is coherent with his proclamation given on June 19, 2014, following the abdication of Juan Carlos. Casa Real said that the King is aware of his decision to renounce the inheritance of Don Juan Carlos that could personally correspond to him.
The King also renounced 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,” said the royal house.
Juan Carlos proclaimed the throne in 1975 after the death of right-wing dictator General Francisco Franco and reigned for 39 years. Carlos’s name was marred series of scandals plummeting his popularity and led to his abdication in 2014. King Felipe VI took the decision to renounce his father’s inheritance after The Sunday Telegraph reported that the alleged secret offshore account of Carlos, named as the Lucum Foundation, held €65 million that were described as “donation” from “the king of Saudi Arabia”.
According to media reports, the King has been named as a beneficiary in the offshore account. The royal house highlighted King’s proclamation speech of 2014 where he had said that 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.
“Today, more than ever, citizens rightly demand that moral and ethical principles inspire - and exemplary rule - our public life,” the King had said which the royal house reiterated to justify the decision.