MADRID – Carlos Iglesias, the brother of Julio Iglesias, will appear in court in Madrid next Tuesday. The Public Prosecution Service is demanding a prison sentence of four years and a fine of €98.2 million against him.
The brother of the world-famous singer is said to have committed tax fraud worth €19 million in 2001. According to the indictment, Carlos Iglesias failed to pay the necessary taxes on the sale of several plots of land. Moreover, he claimed to have tax residency in Panama, just like his now deceased business partner. The prison sentence applies to both businessmen. However, the lawsuit will only concern Carlos Iglesias as his partner has already died.
Background to the case
The Public Prosecution Service states that the case has its origins in the sale of land in the Madrid municipality of Vicálvaro. The sale was made by Rolimpa Trading Corporation to two Spanish companies for a total amount of €46.2 million. The payments were made via bank transfer to an account at the Continental Bank in Panama, where Carlos Iglesias was authorised.
Role of Carlos Iglesias
Carlos Iglesias was the authorised representative of the Panamanian bank account. Furthermore, his company also owned Rolimpa Trading Corporation until March 2, 2001. Although he shared this authority with his now deceased business partner, he continued to manage the company after his partner’s authorisation was revoked, according to the Public Prosecution Service.
The lawsuit is one of the most high-profile tax cases in Spain at the moment, not only because of the significant amount of the alleged fraud but also because of the fame of the Iglesias family. Furthermore, if Carlos Iglesias is found guilty, it could set an important precedent for future tax fraud cases in Spain.