Jaime Botín-Sanz de Sautuola García de los Ríos owns 31.05% of the shares of ABC Legacy Fund, a sicav that had net assets valued at 283 million euros at the end of 2020, of which 150.6 million were in the Balanced Diversified fund and 132.4 million in the Global Flexible fund, as published Infolibre and has confirmed elDiario.es. Taking into account that Botín controls almost a third of this financial vehicle, it accounts for some 87.7 million euros.
Jaime Botín dissolves the offshore he used to defraud the Treasury when buying a private jet
Jaime Botín is the largest shareholder of Bankinter since he controls 24% of the capital. Last January Bankinter Luxembourg SA was chosen as the new investment manager of ABC Legacy Fund. According to Infolibre, Jaime Botín has not wanted to answer about who are the rest of the participants of this sicav or if the assets he has in ABC Legacy Fund are declared before the Spanish Tax Agency.
The former president of Bankinter has a long history of problems with the courts, which have ended in convictions, for his investments and his assets in addition to his efforts with works of art.
The Central Economic-Administrative Court (TEAC) of the Ministry of Finance confirmed in December 2020 a sanction to the banker's holding company, Cartival, for illegally deducting VAT from the expenses of private surveillance of the private homes of the members of its board of directors, made up of the billionaire and his five children. The resolution, issued in October, confirms a settlement of 733,000 euros, counting debts and interest (and without the corresponding penalty), for the incorrect application of about 650,000 euros in VAT deductions for three years. The TEAC concludes that "the behavior of the taxpayer was negligent" and "the particular benefit of the recipient of the protection prevailed." Cartival is the company with which the retired banker channels his 22.8% stake in Bankinter-
In 2020, the courts they condemned Botín to three years in prison and a fine of 91.7 million euros for trying to get the painting out of the country in 2015 Woman's head, valued at 26.2 million euros, hidden in his ship the sailboat Alix.
The Supreme confirmed in 2019 a penalty of 300,000 euros Jaime Botín for a very serious violation of the Securities Market Law, for the breach of the duty to communicate and disseminate significant holdings in Bankinter, a bank of which Botín is the main shareholder and of which he concealed a stake greater than the 7% he had in Switzerland.
Following this conviction, the former president of Bankineter moved to Spain and dissolved his company Cherokee Bay Ltd, the firm established until a few months ago in the tax haven of Guernsey that was part of the corporate network with which the billionaire and Bankinter's largest shareholder defrauded, according to the Madrid Prosecutor's Office, 1,014,298 euros from the Spanish Treasury with the acquisition of a private plane in 2012.
In 2016, the National Securities Market Commission (CNMV) sanctioned Jaime Botín with 500,000 euros for failure to comply with the duty of communication and dissemination of significant holdings in Bankinter through its company XYZ Heritage Foundation, according to a resolution published in the Bulletin Official of the state (BOE). The CNMV had already imposed this fine on Botín in 2013 but he had to repeat the process after being annulled by the National High Court due to the delay in the legal term of the administrative file.
In October 2013, the CNMV asked Economy to sanction the banker for hiding his real stake in Bankinter in Switzerland. Ana Patricia Botín's uncle, current president of Banco Santander, claimed to have 16% of the bank and actually had 23%. The Falciani list revealed this concealment and the CNMV initiated the sanction process parallel and independent to that of tax evasion (which the Botín family as a whole settled with a payment to the Treasury of 200 million euros).