Urdangarin was "visible face" of cash siphon operation
King's son-in-law accused of funneling cash abroad through front companies
The duke of Palma, Iñaki Urdangarin, was the "visible face" of a money-diversion operation run through his not-for-profit Nóos Institute and was involved in "invisible transfers" to fiscal paradises through front companies, according to the anti-corruption prosecutor working on the Palma Arena case, Pedro Horrach.
Urdangarin, King Juan Carlos' son-in-law, and his business partner Diego Torres, as well as high-ranking former members of the Balearic and Valencia regional Popular Party, stand accused of misappropriation of public funds, falsifying documents, fraud and corruption for organizing "rigged tenders" and issuing false invoices.
According to Horrach, and despite Urdangarin's apparent departure from his posts under orders from the Royal Household in June 2006, the duke squirreled away 676,000 euros though his private company Aizoon between 2006 and 2009.
Urdangarin and Torres also owned front company De Goes Center for Stakeholder Management. According to a police report the two had "apparently been able to use this fiduciary structure to divert funds from the Nóos Institute."
De Goes has accounts in Belize, Luxembourg and London and received 300,000 euros from Nóos, as well as carrying out "invisible transfers" overseas of 420,000 and 50,000 euros, according to Horrach, who based his accusations on documents from tax authorities and the police's financial crimes unit.
