The judiciary in Geneva has senior partner at Swiss private bank Mirabaud, Yves Mirabaud, in its sights over funds from Saudi Arabia the bank looked after for Spain’s former king.
An account with private bank Mirabeau, of which former King of Spain Juan Carlos I was the beneficiary, could spell trouble for senior partner Yves Mirabaud personally.
Genevan Prosecutor Yves Bertossa has questioned the banker as a suspect, Spanish newspaper «El Pais» (in Spanish behind paywall) reported Thursday.
Mirabaud is accused of not having reported the $100 million declared as a donation by Saudi Arabia to Juan Carlos to the Money Laundering Reporting Office (MROS), «El Pais» quoted sources as saying. The bank has since confirmed this to Swiss newspaper «Le Temps» (in French behind paywall), but denies any wrongdoing.
Mecca-Medina Railway Line
The Spanish paper said Bertossa suspects that the gift from Saudi Arabia could be connected to a contract awarded to Spanish companies for the construction of a railway line between Mecca and Medina.
King Abdullah of Saudi Arabia deposited $100 million on August 8, 2008 into an account held by the Panamanian Lucum Foundation at Bank Mirabaud in Geneva and administered by an independent manager.
Juan Carlos was listed as the primary beneficiary of the account. In 2012, Juan Carlos gave the $100 million to a former lover.
MROS Ignored
Yves Mirabaud is now accused of not having reported the payment into the account to the reporting office. As a member of the bank's board, he also chaired its anti-money laundering committee from 2003 to 2013.
The bank also did not seek legal advice on whether it was a problem for Juan Carlos as a politically exposed person to be a beneficiary, the Spanish newspaper added.
Locked Away in Vault
The true beneficiary of the Lucum Foundation's account was known only to a small group of people within the bank. The relevant documents were kept in a safe and only the six partners knew about it.
