Zagatka and Lucum, the two foundations under suspicion in Switzerland related to the King Emeritus

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Zagatka and Lucum, the two foundations under suspicion in Switzerland related to the King Emeritus





© EFE
King Juan Carlos and the King of Arabia, Abdullah Bin Abdulaziz, have a cup of tea at the royal palace in Jeddah in 2015.


The decision of the Casa del Rey de withdraw the budget allocation of Juan Carlos I It occurs after EL PAÍS published that the King Emeritus appears as the third beneficiary from a foundation in Liechtenstein that paid him for 11 years several million on private jet flights and that the British newspaper The Telegraph It will ensure that King Felipe VI is the second beneficiary of another Panamanian foundation that received $ 100 million in 2008 from the Saudi royal house. The two foundations opened accounts in Swiss banks.

Alvaro de Orleans, 73, a distant cousin of Juan Carlos I, owner of the Zagatka Foundation, who paid for private flights for the King Emeritus, named the latter third beneficiary of the funds he administers. in the event that he or one of his children dies, first and second beneficiary respectively. This foundation was created in Liechtenstein on October 1, 2003 and opened an account at the Swiss bank Credit Suisse. Juan Carlos I would be a beneficiary of the Zagatka funds in the event that the second beneficiary dies before the first or in the case of the simultaneous death of the first and second.

The foundation currently manages around 10 million euros, according to Orleans to this newspaper in a recent interview in which he acknowledged having paid “Many private flights” of Juan Carlos I, but he denied being his figurehead or fiduciary. Zagatka was created in 2003 with 9,000 euros and has managed to manage around 14 million. The first relevant deposit in the account occurred a year later and amounted to 1,900,000 euros, according to the bank documentation associated with the foundation. In the KYC (Know your client) of the account signed by Arturo Fasana, external administrator of the foundation, an alleged commission for the sale of Banco Zaragozano to Barclays Bank in 2003, owned by Alberto Cortina and Alberto Alcocer, is listed as the source of the funds. Orleans denied this newspaper having any relationship with Spanish businessmen or with that alleged commission. The foundation is chaired by attorney Dante Canonica and Guido Meier, who are listed as advisers.

The Zagatka regulation states that the King Emeritus is named third beneficiary of these funds in recognition of his work in the democratization process in Spain. In the same document, dated May 8, 2006, Felipe VI is established as the fourth beneficiary of these funds in the event of his father’s death. When this regulation was signed, the current King held the status of Prince of Asturias.

The document names Elena and Cristina de Borbon as fifth beneficiaries, only in the event that Felipe VI died. The statement issued by the Casa del Rey indicates that he was “completely unaware” of his designation as beneficiary of the Zagatka funds. And he adds that, if that designation is true, he renounces it.

Alvaro de Orleans He told this newspaper that he created this foundation to follow the tradition of his father. and grandfather to help the European monarchies and assured that the funds were “exclusively” his. According The Telegraph, King Felipe VI is listed as the second beneficiary of the Panamanian Lucum foundation, with an account in the Swiss Mirabaud bank. The statement from the Casa del Rey affirms that Felipe VI never had knowledge of this alleged designation. This account and an income of 100 million dollars are being investigated by the Swiss prosecutor Yves Bertossa for its alleged relationship with the payment of commissions for the construction of the AVE to Mecca, as revealed by EL PAÍS. From that account, around 65 million were transferred in 2012 to an account in the Bahamas of Corinna Larsen, a former friend of Juan Carlos I. The latter attributes the income to a donation from the King Emeritus, whom the Swiss prosecutor indicates as the first beneficiary of the account. The judge of the National Court Manuel Garcia Castellon and the Anticorruption Prosecutor’s Office investigate these alleged payments.

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