Spanish Monarchy

Spain’s King Felipe VI has renounced inheritance from his father, the former King Juan Carlos I, amid allegations of financial impropriety by the latter.

Spanish Monarchy

The Monarchy of Spain is the highest office in Spain and is a constitutional institution. Spain is a constitutional monarchy. The Spanish king is the head of the state and also the commander in chief of the Spanish Army.

King Felipe VI and King Juan Carlos I

King Felipe VI is the current King of Spain. He ascended the throne after the abdication by the previous King Juan Carlos I. The former king had abdicated the throne over allegations of financial improprieties. He was held in high regard till then for protecting the nascent democracy after the demise of Franco, the Spanish dictator in 1975.

The Issue

The current king had renounced the inheritance from his father- which is in the form of 2 funds: the Zagatka and the Lucum funds. This is seen as a measure to distance himself from the former king, who is being criticised for allegedly receiving kickbacks from Saudi Arabia for a rail link project in Mecca. The funds were supposed to have been used for receiving the money from the Saudis.