The Spanish Supreme Court has upheld a six-month prison sentence for Carlos Iglesias de la Cueva, brother of singer Julio Iglesias, for defrauding the Treasury of €19 million. The ruling confirms he failed to declare a 2001 land sale in Madrid via a shell firm.
The court found Rolimpa Trading Corporation, a Panamanian entity owned by Iglesias, sold plots in Vicálvaro for €46.2 million despite purchasing them for just €601,012. Judges rejected claims of tax residency in Panama and dismissed professional secrecy appeals.
Iglesias must now indemnify the Public Treasury for €19.6 million plus interest and pay a fine worth half the defrauded sum. The court ruled that the Panamanian company was a mere vehicle for illicit conduct, ensuring the tax crime had not prescribed by law.