In the late 1970s, King Juan Carlos I of Spain visited Saudi Arabia to thank King Jaled Bin Abdelaziz for a generous personal donation. During the meeting, Juan Carlos introduced his banker, Manuel Prado, who had lost his arm in a traffic accident, as his financial advisor. This initial donation of 10 million dollars from the Saudi royal family was followed by further gifts totaling 36 million dollars in 1989. These funds were allegedly used to finance the Spanish Transition, according to the former head of the Spanish intelligence service, Emilio Alonso Manglano.
Despite these substantial gifts, neither the initial donation from King Jaled nor the subsequent amounts were declared to the tax authority. In 2008, another 100 million dollars were received from the Saudi Ministry of Finance in a Swiss account, again without disclosure to the Spanish tax authorities. The management of these funds was shrouded in secrecy, with Manuel Prado initially overseeing the accounts, followed by Simeón II of Bulgaria and eventually a reputable economics professor from Cordoba. The ultimate beneficiary of a significant portion of these hidden funds was Joaquín Romero Maura, who later donated ten million euros to a British NGO before his death in 2022.
Additional donations and payments from foreign governments, such as the 1.9 million dollars received from the King of Bahrain in 2010, were also funneled into offshore accounts managed by Arturo Fasana. However, the disposition of these funds remains unclear, despite investigations by Swiss and Spanish authorities. Corinna Larsen, a former partner of Juan Carlos I, holds on to the 65 million euros transferred by the Saudi Ministry of Finance in 2008, gifted to her by the former monarch in 2012. However, disputes over the ownership of these funds have ensued since their breakup.
The trail of these hidden assets led to the acquisition of luxury properties by Corinna Larsen, including a mansion in England and various other real estate holdings. While some transactions were deemed loans or gifts from foreign dignitaries, the origins of the funds used to finance these purchases remain murky. Larsen also received a substantial transfer from Kuwait shortly after Juan Carlos I’s official visit to the country, attributed to her consultancy services. Despite extensive investigations, the ultimate destination of these funds and the full extent of their utilization remains a mystery.
