Spanish King renounces inheritance from father amid scandal

MADRID (AP) — Spain's King Felipe VI has renounced any future personal inheritance he could receive from his father, King Emerit Juan Carlos I, over the alleged financial irregularities involving the former monarch, the country's royal house announced Sunday.

The royal house said in a statement that in addition to renouncing his inheritance, Felipe is stripping Juan Carlos of his annual stipend. In 2018, the former monarch received 194,232 euros ($216,000).

The decision comes amid an ongoing investigation by Swiss prosecutors into an offshore account allegedly operated for Juan Carlos. The account allegedly received 88 million euros ($100 million) from Saudi Arabia's late King Abdullah in 2008, which prosecutors believe could be kickback payments, according to the Swiss newspaper Tribune de Geneve.

On Saturday, the British newspaper The Telegraph reported that Felipe was named as a beneficiary of an offshore fund that controls the Swiss account with an alleged 65 million euro gift ($72 million) from Saudi Arabia given to his father when he was on the throne.

Juan Carlos, 82, became king in November 1975 and reigned until his abdication in June 2014.

Felipe, 52, denied any knowledge of the fund in Sunday’s statement.

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Spain's King Felipe and his family
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Spain's King Felipe and his family
Spanish King Felipe VI looks at his daughter Spanish Crown Princess Leonor as they pose in the gardens at the Marivent palace on the island of Majorca on August 4, 2019. - The Spanish royal family traditionally spends its summer holidays at the Marivent Palace on the Balearic island of Majorca. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
BARCELONA, SPAIN - NOVEMBER 04: Spanish King Felipe VI and his wife Queen Letizia arrive with their daughters Princess Leonor and her sister Sofia to attend the Princess of Girona Foundation Awards (FPdGI) ceremony which marks its 10th anniversary at Congress Palace in Barcelona, Spain on November 4, 2019. (Photo by Adria Puig/Anadolu Agency via Getty Images)
Spain's King Felipe VI talks with her daughter Princess Leonor (L) beside Queen Letizia during an audience at the Reconquinta Hotel in Oviedo, on October 18, 2019. (Photo by MIGUEL RIOPA / AFP) (Photo by MIGUEL RIOPA/AFP via Getty Images)
Spanish King Felipe VI (back R) and Queen Letizia (L) pose with their daughters Spanish Crown Princess Leonor (2ndL) and Princess Sofia during a visit to the Son Marroig estate in Deia on the island of Mallorca on August 8, 2019. - The Spanish royals traditionally spend their summer holidays at the Marivent Palace in the Balearic Islands. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
Spanish King Felipe VI (L) and Queen Letizia (R) pose with their daughters Spanish Crown Princess Leonor (2ndL) and Princess Sofia during a visit to the Son Marroig estate in Deia on the island of Mallorca on August 8, 2019. - The Spanish royals traditionally spend their summer holidays at the Marivent Palace in the Balearic Islands. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
OVIEDO, SPAIN - 2019/10/17: The Spanish Royal family King Felipe VI, Queen Letizia and their daughters Princess Leonor and Infanta Sofia on the first visit to the Cathedral of Oviedo. (Photo by Mercedes Menendez/Pacific Press/LightRocket via Getty Images)
Spanish King Felipe VI (2ndL) and Queen Letizia (2ndR) pose with their daughters Spanish Crown Princess Leonor (R) and Princess Sofia during a visit to the Son Marroig estate in Deia on the island of Mallorca on August 8, 2019. - The Spanish royals traditionally spend their summer holidays at the Marivent Palace in the Balearic Islands. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
OVIEDO, SPAIN - 2019/10/17: The Spanish Royal family King Felipe VI, Queen Letizia and their daughters Princess Leonor and Infanta Sofia on the first visit to the Cathedral of Oviedo. (Photo by Mercedes Menendez/Pacific Press/LightRocket via Getty Images)
Spanish king Felipe VI (R) and queen Letizia (L) pose with their daughters Spanish crown princess Leonor (2R) and princess Sofia in the gardens at the Marivent palace on the island of Majorca on August 4, 2019. - The Spanish royal family traditionally spends its summer holidays at the Marivent Palace on the Balearic island of Majorca. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
Spanish king Felipe VI (L) and queen Letizia (2R) pose with their daughters Spanish crown princess Leonor (2L) and princess Sofia in the gardens at the Marivent palace on the island of Majorca on August 4, 2019. - The Spanish royal family traditionally spends its summer holidays at the Marivent Palace on the Balearic island of Majorca. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
Spain's King Felipe VI (2L),his wife Queen Letizia (2R) and their daugther Spain's Princess Leonor (L) and Sofia pose at the Club Nautico de Palma during the 38th Copa del Rey (King's cup) regatta in Palma de Mallorca on August 1, 2019. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
Spain's King Felipe VI (R), his wife Queen Letizia (L) and their daughters Spain's Princess Leonor (2L) and Sofia pose at Club Nautico de Palma during the 38th Copa del Rey (King's cup) regatta, held in the Bay of Palma de Mallorca on August 1, 2019. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
21 April 2019, Spain, Palma: King Felipe of Spain (M), his mother Queen Sofia (2nd from right), Queen Letizia (2nd from left) and their daughters Princess Sofia (l) and Crown Princess Leonor stand in front of the cathedral of the island capital after the Easter mass. Photo: Clara Margais/dpa (Photo by Clara Margais/picture alliance via Getty Images)
21 April 2019, Spain, Palma de Mallorca: King Felipe of Spain and his daughter Crown Princess Leonor arrive at the Easter Mass in front of the cathedral of the island's capital. Photo: Clara Margais/dpa (Photo by Clara Margais/picture alliance via Getty Images)
MADRID, SPAIN - JANUARY 06: King Felipe VI of Spain, Queen Letizia of Spain and their daughters Princess Leonor of Spain and Princess Sofia of Spain spend 'The Wise Men's Day' at Queen Letizia's father's home to have the Spanish traditional Epiphany cake on January 06, 2019 in Madrid, Spain. (Photo by Europa Press Entertainment/Europa Press via Getty Images)
Spain's King Felipe VI (2L), his wife Spain's Queen Letizia (2R) and his daughters Princess Leonor (L) and Sofia leave the Real Club Nautico de Palma during the 37th Copa del Rey (King's cup) regatta on August 4, 2018 in Palma de Mallorca. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
Spain's King Felipe VI (2L) his wife Spain's Queen Letizia (L) and their daughters Princess Leonor (R) and Sofia leave the Aifos boat during the 37th Copa del Rey (King's cup) regatta on August 4, 2018 in Palma de Mallorca. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
Spanish King Felipe VI (L) and Queen Letizia (R) pose with their daughters Spanish Crown Princess Leonor (2ndL) and Princess Sofia at the Almudaina Palace on the island of Majorca on July 29, 2018. - The royal family traditionally spends its summer holidays at the Marivent Palace on the island. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
29.07.2018, Spain, Palma de Mallorca: Spain's King Felipe, Queen Letizia (r) and the daughters, Princess Leonor (2nd from right) and Princess Sofia (l) stand at the photo shoot at the Royal Palace La Almudaina during their summer vacation on the Spanish Balearic island Mallorca. Photo: Clara Margais/dpa (Photo by Clara Margais/picture alliance via Getty Images)
Spanish King Felipe VI (L) speaks with his daughter Spanish Crown Princess Leonor at the Almudaina Palace on the island of Majorca on July 29, 2018. - The royal family traditionally spends its summer holidays at the Marivent Palace on the island. (Photo by JAIME REINA / AFP) (Photo credit should read JAIME REINA/AFP via Getty Images)
PALMA DE MALLORCA, SPAIN - APRIL 01: King Felipe VI of Spain (R), his wife Queen Letizia (2ndR), their daughters Princess Sofia (front C) and Princess Leonor (front R), former King Juan Carlos I (L) and his wife former Queen Sofia (2ndL) pose after attending the traditional Easter Sunday Mass of Resurrection in Palma de Mallorca, Spain. (Photo by Europa Press/Europa Press via Getty Images)
King Felipe VI of Spain speaks to his daughter Princess Leonor as they leave after attending the traditional Easter Sunday Mass of Resurrection in Palma de Mallorca on April 1, 2018. / AFP PHOTO / JAIME REINA (Photo credit should read JAIME REINA/AFP via Getty Images)
King Felipe VI of Spain (R), his wife Queen Letizia (back) and their daughters Princess Sofia (L) and Princess Leonor (C) leave after attending the traditional Easter Sunday Mass of Resurrection in Palma de Mallorca on April 1, 2018. / AFP PHOTO / JAIME REINA (Photo credit should read JAIME REINA/AFP via Getty Images)
TOPSHOT - Spain's King Felipe VI (R) awards Spain's most prestigious awards, the Order of the Golden Fleece (Toison de Oro) which dates from 1430, to his daughter Princess Leonor (L), 12-year-old heir to the throne, during a ceremony at the Royal Palace in Madrid, on January 30, 2018. (Photo by JUAN MEDINA / POOL / AFP) (Photo credit should read JUAN MEDINA/AFP via Getty Images)
Spain's King Felipe VI (R) kisses his daughter Princess Leonor (L) after awarding her Spain's most prestigious awards, the Order of the Golden Fleece (Toison de Oro), during a ceremony at the Royal Palace in Madrid, on January 30, 2018. / AFP PHOTO / POOL / JUAN MEDINA (Photo credit should read JUAN MEDINA/AFP via Getty Images)
MADRID, SPAIN - OCTOBER 12: Spain's King Felipe VI (L), Queen Letizia (2nd L), and their daughters, princesses Leonor (R) and Sofia (3rd L), attend the military parade to mark Spain's National Day on October 12, 2017 in Madrid, Spain. (Photo by Burak Akbulut/Anadolu Agency/Getty Images)
PALMA DE MALLORCA, SPAIN - AUGUST 06: King Felipe VI of Spain, Queen Letizia of Spain and their daughters Princess Leonor of Spain (L) and Princess Sofia of Spain (R) visit the Can Prunera Museum on August 6, 2017 in Palma de Mallorca, Spain. (Photo by Europa Press/Europa Press via Getty Images)
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The name of the Swiss paper is Tribune de Geneve, not de Geneva.

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