Spain's King Felipe VI (center) poses for a selfie with workers and cattle-raisers during his visit to Central Lechera Asturiana dairy plant in Oviedo, province of Asturias, northern Spain, on Monday. Photo: IC

King Felipe VI of Spain moved Sunday to strip him of his palace allowance and renounce what he was due to inherit from his father.

The announcement came after reports earlier this month in the Swiss daily Tribune de Geneve that former monarch Juan Carlos had received 100 million dollars from Saudi Arabia via an offshore account.

The money was lodged in a Swiss bank account in the name of a Panamanian foundation, the paper reported, according to which $65 million of that sum was given by King Felipe's father Juan Carlos to his former mistress, Corinna zu Sayn-Wittgenstein.

A later report in Britain's Daily Telegraph said that 52-year-old King Felipe was also a beneficiary of the fund.

In the palace statement released Sunday, the reigning king said that in April he had made it clear to a notary that he would accept no money from the foundation in question.

He also said that he had absolutely no knowledge of having been named as a beneficiary to another foundation, which according to press reports paid millions of euros for his father's flights in private jets.

The statement said King Felipe was renouncing any assets, shares or investments that might be either illegal or compromise the royal family's integrity.

Spanish media reports say Juan Carlos has until now received an annual allowance from the state of more than 194,000 euros ($216,000).

The reaction from left-wing parties Sunday evening suggested that for them, at least, it was not enough.

On Twitter, economist Carlos Sanchez Mato of the United Left party, called on the king to renounce everything he stood to inherit from his father - including his role as head of state.

On Tuesday, the Spanish parliament decided against launching an investigation into suspected money laundering by the former king.

Spain's hard-left Podemos party had called for it after reports earlier this month that in 2008 Juan Carlos received $100 million from Saudi Arabia's King Abdullah via the Swiss account of an entity listed in Panama.

AFP