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  HOME | Sports (Click here for more)

Spain Prosecutors Seek Probe into Alleged Tax Fraud by Stars Falcao, Coentrao

MADRID Ė Regional prosecutors officially requested a probe on Tuesday into the finances of two La Liga soccer stars linked to the capitalís giant clubs on suspicion they both used offshore shell companies to defraud Spainís treasury to a combined tune of 7 million euros ($7.7 million).

In April, Spainís Prosecutorís Office brought a case to judges at a Madrid court alleging that former star striker at Atletico Madrid and Colombia international Radamel Falcao had concealed 5.66 million euros from the Spanish Treasury between 2012-2013 Ė during his time at the club.

Meanwhile, a regional prosecutor alleges that Real Madridís Portugal defender Fabio Coentrao defrauded the tax office of some 1.29 million euros between 2012-2014.

Both players allegedly obscured image rights earnings by using off-shore companies.

After signing for Atletico in 2011, Falcao moved to the upscale Pozuelo de Alarcon neighborhood in the Spanish capital, thus taking up residence in Spain for tax purposes.

But, according to prosecutors, Falcao created offshore companies with the sole aim of evading the Spanish tax office by diverting money earned through his image right deals in 2012 and 2013; an alleged 822,609 euros and 4.83m euros respectively.

That sum (almost 5.66 million euros) was paid into Falcaoís two firms; Business Tiger, based in Colombia, and Fardey Overseas company, which was registered to the Virgin Islands.

Falcao was a resident of Madrid until at least July 22, 2013, but following his high-profile move to Franceís club AS Monaco, he filed for a tax rebate of 828.967 euros, claiming he had established himself as a tax resident in Monaco on July 1, it was alleged.

Coentrao allegedly signed an image rights contract with Panama firm Rodinn Company in 2011, although in July of that year, the company handed over the rights to Multisports & Image Management Limited, registered to Ireland.

Four days after that transaction, the defender signed for Real Madrid and moved to the capital, becoming a tax resident.

It is alleged that Coentrao maintained the Irish company in order to obfuscate his image rights earnings, amounting to 1.29 million euros between 2012-2014.

The latest allegations to come from the Prosecutorís Office join similar cases lodged against former Real Madrid stars Angel Di Maria and Ricardo Carvalho.

 

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