Spanish royal embezzles 8 million

Spain’s Duke of Palma embezzled millions of euros after leveraging his blue-blood connections to gain inflated, no-bid contracts from regional politicians for his nonprofit sports foundation, Instituto Nóos. The duke made no move without palace approval. http://www.nytimes.com/2013/02/22/world/europe/embezzlement-scandal-threatens-spains-royal-family.html?hp=&adxnnl=1&adxnnlx=1361538155-ZAzdi9ObPXqcA//01zSv4g He and his partner were involved in inflating contracts and moving money offshore. They received about $8 million from the regional governments of the Balearic Islands and Valencia to organize sports and tourism events, and then redirected much of the money to offshore accounts and private businesses. The Spanish Constitution gives the king immunity from civil or criminal prosecution. Royals often use their connections to seek high-paying posts and leverage business deals to support a way of life that outpaces allowances provided by Spanish taxpayers for their personal appearances.

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