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Spanish king shamed by secret Saudi fund
By EUobserver
Spain's King Felipe IV was a beneficiary of an offshore fund called the Lucum Foundation which held €65m in donations by Saudi Arabia to his father, Juan Carlos, British newspaper the Sunday Telegraph reports. The news prompted Felipe IV to renounce his father's inheritance and abolish Juan Carlos' state stipend of some €194,000 a year. Juan Carlos abdicated in 2014 due to corruption scandals, with Felipe IV promising a clean-up.