Corinna Larsen created a complex skein of at least 12 companies and opaque trusts in tax havens thousands of miles from her Monegasque residence. The goal of the elaborate financial structure, designed by his Swiss lawyers Maurice Turrettini and Dante Canónica, was to hide more than 70 million euros in accounts and properties.
The long list of instrumental companies after which the name of Larsen appears and, sometimes of her two children, has emerged during the investigation of the Swiss prosecutor Yves Bertossa who, since 2018, has kept her charged with an alleged crime of aggravated money laundering . THE COUNTRY has had access to the investigations of the chief prosecutor of Geneva which include the efforts of the ex-lover of Juan Carlos I to hide the millionaire patrimony he obtained in the shadow of the then head of state.
From Switzerland to Nassau (Bahamas): the “donation” of 64.8 million. Larsen used his instrumental company Solare to receive in the tax haven of the Bahamas the 64.8 million euros that Juan Carlos I transferred to him “irrevocably” in June 2012 from the account of the Panamanian Lucum foundation in the Mirabaud & Cie bank. in Geneva. The money was deposited into an account in Solare’s name at Gonet & Cie bank.
“We decided to [Canónica y ella] open an account in Gonet Bahamas. The decision was made because I usually visit the Bahamas and I appreciate this place. As a Monegasque resident, he could open an account anywhere in the world without tax consequences. I think it is preferable not to put all the assets in the same place, “he justified in his statement to the prosecutor Bertossa revealed by this newspaper. The banker claims that she was the one who asked to open the account in the Bahamas and Larsen claims otherwise.
Mansion of 14 million in the field in the name of Jade Trust, Panamanian foundation. In 2015, three years after receiving the 64.8 million from Juan Carlos I, Larsen bought Chyknell Hall Estate, a 200-acre (about 81 hectares), 11 rooms, library and cricket ground, in Bridgnorth, Shropshire, in the heart of the English countryside, close to Wales. The mansion is in the name of Jade Trust, a Panamanian foundation whose beneficiary is Alexander, the son of the consultant, who was then 13 years old.
“I acquired this mansion through a trust [fundación] whose beneficiary was my son. I resorted to a structure like this one because I believed that my son, once he was of legal age, would not be mature enough to manage this property, “Larsen explained to the prosecutor investigating his properties.
Foundations make it possible to hide the identity of the beneficiaries of the funds they administer. The purchase of this house was made via a loan from Solare, Corinna’s partnership that received the “donation” from Juan Carlos I, in favor of Honeybird Corporation, another Panamanian Larsen partnership.
Chyknell Hall Estate, built in 1814, cost six million pounds (seven million euros) and Larsen invested another seven in its renovation.
Mountain Lion Inc, a company to register land as a gift from the King of Morocco. The examiga of the king emeritus created the entity to name this instrumental company a piece of land in Marrakech that, he claims, was given to him by the King of Morocco, Mohamed VI. As on other occasions, the creator of the extraterritorial structure was the Swiss lawyer Canónica, director of the Panamanian foundation behind which the fortune of Juan Carlos I. Canónica was hidden in Geneva. He is also accused of money laundering.
“It is a gift from the King of Morocco. It was a gift for me, not in favor of Juan Carlos I. I visited the King of Morocco to thank him for his gift. I expected him to build a house on the land … And he decided to offer me that land to invest there, ”Larsen assured the prosecutor. In 2015, the consulting firm stated the opposite to former commissioner José Manuel Villarejo.
Siam Partners SA, a partnership to buy two apartments with Juan Carlos I in Villars-sur-Ollon, a Swiss ski resort. To acquire two apartments that cost about four million Swiss francs (3.7 million euros), Larsen created the company Siam Partners SA This company received in 2009 “loans” from Juan Carlos I, through his Panamanian foundation Lucum, from 2,199,000 Swiss francs (2.1 million euros) that the consultant claims to have returned “with interest.”
Larsen explained it to the Swiss justice: “I created this company to receive a loan from Juan Carlos I to buy two houses in Villars. I already had an apartment there. At that time, 2009, my son was studying at L’Aiglon boarding school. The apartment had three rooms. It was perfect for my mother, my son and me. Then Juan Carlos I frequented Villars a lot. The apartment was too small to accommodate him. We decided to buy two apartments in the same residence. I financed about 50% myself. The other half were contributed by Juan Carlos I via loans to the company Siam Partners SA ”.
The consulting firm says it does not know details about the Calden society, another instrument created by Canónica, which signed the contract for the alleged loans.
Shortly after the reimbursement, in December 2010, Larsen received in his Swiss account from the Mirabaud & Cie bank, five million dollars (4.3 million euros) from the Government of Kuwait. The payment took place shortly after the then King of Spain visited that Arab country. Larsen attributes this to her efforts as a consultant. Luc Thevenoz, the bank’s representative, points out that the entry was justified “with a letter rather than a contract.”
Corinna’s house of 10 million in London, on behalf of a company in the British Virgin Islands. On this occasion, the architects of Larsen’s opaque structure chose this tax haven, located in the Caribbean Sea. They created the company Riverhouse Partner, under the direction of the Geneva lawyer Turrettini and with Larsen as owner. The purpose of the company was to open an account at Mirabaud & Cie. It was used to buy the house in Eaton Square where the consultancy resides.
The house cost five million pounds (5.8 million euros), in addition to another four (4.6 million euros) invested in its reform. Again, Juan Carlos I participated in its purchase. “It is true that Juan Carlos I participated in the financing for the acquisition of this house for over 1.5 million pounds (1.7 million euros). It was a donation on my behalf, ”Larsen told Bertossa. The funds used for the purchase came from Gulf Development (GDI), a new Larsen company based in the Cayman Islands, another glassy tax haven.
Society in Seychelles with the Mexican businessman Allen Sanginés-Krause, friend of the King Emeritus. In this tax haven that has just been removed from the EU blacklist, Larsen and Sanginés-Krause created Fortuna Ventures Ltd. in 2008. The consulting firm did so through their company Apollonia Holdings, and Juan Carlos I’s friend through his company. Montpascal Holdings. The Supreme Court investigates the king emeritus for the use of credit cards assigned by this businessman.
A year later, Larsen created Apollonia Holdings GMBH in Seychelles. He did, through the Panamanian law firm Alcogal, a machine to create societies for thousands of fraudsters from all over the planet. Since 2004, the examiner of the king emeritus has worked as a mediator in international business through another of her companies, Apollonia Associates, with an office in Monaco.
Trust in New Zealand to collect from Hispano-Saudi Investment Fund. Larsen planned in 2007 that the managers who administered a trust in her name called Peregrine from New Zealand would deliver in the event that she died to Juan Carlos I “30% of the income from the Hispanic Saudi Investment Fund” than the previous head of the State had sponsored and for which she had worked. Larsen’s attorney claims those documents are false.
Another company called Peregrine 55, which hangs from the previous one, is related to the consultancy. In both, the Panamanian firm Alcogal appears again.
The extension of the investigation, pending some papers
The Supreme Court Prosecutor’s Office continues to prepare the decree to file the three investigations opened to Juan Carlos I for the money he handled for years abroad without declaring it to the Spanish treasury.
The prescription of crimes, the inviolability of the emeritus king until 2014 – he cannot be investigated or charged even if it is proven that he committed some irregularities punished in the Penal Code – and the regularization of amounts defrauded to the treasury that he presented before he was supposedly informed that they were investigating him for a tax offense, makes the Supreme Prosecutor’s Office have decided to archive the three proceedings without filing a complaint against Juan Carlos I.
Sources familiar with the investigation indicated that the archiving decree is still pending receipt of documentation requested from abroad on alleged movements of money linked to the king emeritus. But given that the Prosecutor’s Office already knows that information that they have officially claimed, the arrival of it will not alter the detailed report that they are writing for the file of the three procedures. If the documentation does not arrive before December 17, the Prosecutor’s Office would be forced to extend the investigation opened to Juan Carlos I. for another six months.
The first proceedings are dated June 2020. Prosecutors have been investigating the money that the emeritus king moved abroad for 18 months without declaring it to the Spanish public treasury, something recognized in part by the emeritus. Among that money are the 100 million dollars that King Abdullah gave him in 2008 and that some years later Juan Carlos I donated to Corinna Larsen.
George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.