Spain's Monarchy continues to be plagued by criticism
http://www.telegraph.co.uk/news/worl...tax-fraud.html
Spain's Princess Cristina to be investigated for tax fraud
Princess Cristina, the youngest daughter of Spain's Juan Carlos, is to be investigated for possible tax fraud and other financial crimes in the latest twist in an embezzlement scandal plaguing the Spanish royals.
Quote:
Originally Posted by Telegraph
The princess was initially named as a suspect and subpoenaed to testify in an investigation of fraud and embezzlement centring on her husband, Iñaki Urdangarin, the Duke of Palma, but the decision was reversed by a judge on appeal earlier this month.
However, the same judge on Friday ordered a fresh probe into the financial affairs of the Infanta after examining 10 years of her tax returns submitted to the court in the investigation against her husband.
Jose Castro, investigating magistrate at the Palma de Majorca court in charge of the Noos case, ordered Spain's Treasury to provide him with a report on the Princess's property and other assets.
The allegation is that Princess Cristina may have been aware that funds coming into the Aizoon company – of which she had a 50 per cent stake – may have resulted from the alleged embezzlement of which her husband is accused.
The company may also have been used to launder money that was then spent on private investments by the Royal couple including possibly the refurbishment of their home in Barcelona.
The development comes after the Princess lost an appeal to block any further scrutiny of her tax filings when she was cleared of suspicion in her husband's case and her subpoena dropped.
The investigation will examine whether the Princess "was aware that Aizoon was a shell company and that her husband used it to defraud the Treasury".
It could result in Princess Cristina becoming the first royal-born member of Spain's ruling family to be criminally charged in Spain, striking a further blow to Spain's monarchy which is already suffering plummeting popularity.
The King has sought to distance himself from the burgeoning scandal surrounding his son-in-law, a former Olympic handball champion who married Princess Cristina in 1997.
The Duke of Palma and his former business partner Diego Torres are accused of siphoning off a possible €6 million in public donations for sports and cultural events organised through the Noos Institute, a supposedly non-profit organisation that Urdangarin ran from 2004 to 2006.
In testimony, he has played down Cristina's role, saying his wife and royal in-laws had no real knowledge of nor involvement in his business dealings.
I am a staunch defender of constitutional monarchy - I think its the best system of government devised. That said, regardless of the ins and outs surrounding the Spanish Monarchy in recent years, they are playing a very dangerous game. In times of crisis when you have a country that has something like 55% (and increasing) youth unemployment - the perfect mix is there for a revolution, a revolution that will include the Royals if they are too seen to be out of touch.
I always argue for Monarchy as a defence against corrupt politicians, and for the most part they do their job (including the Spanish Royal Family) - but controversies such as this really really hurt institutions, sometimes fatally. I hope they get their house in order soon for the sake of Spain. Indeed, of the Monarchy were to ever fall it would deepen breakaway factions in the country - Catalonian independence is more or less a foregone conclusion, but other historical regions may start to feel the same way once the unifying institution of the Monarchy has gone.
Thoughts?
