In 2006 an external consultant from La Zarzuela Palace recommended that the Duke of Palma leave the Institute because of its profit-making activities.
José Manuel Romero Moreno, Count of Fontao, Marquess of San Saturnino, advisor to National Heritage and external financial advisor of the Palace since 1993, travelled to Barcelona in the Spring of 2006 to know the situation at the Institute. After realising the activities of Nóos weren’t suitable for a non-profit Foundation, his advise was that it wasn’t appropriate for a member of the Royal Family to be its president.
Iñaki Urdangarín followed the recommendation and left the Institute. The Infanta Cristina, who was a member of the Board and her secretary (the treasurer) also left their posts in Nóos. The Count of Fontao shot down another Foundation planned by the Duke of Palma and his business partners, and in 2007 La Zarzuela told Urdangarín that he should look for work outside Spain if he wanted to go into business.
Read the original article in Spanish at ABC.es
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Photo: Casa de Su Majestad el Rey