King of Spain's son-in-law steps down from Telefonica

August 28, 2012 20:45

MADRID - The King of Spain's son-in-law, under investigation over allegations that his sports charity was used to embezzle public funds, has stepped down from a lucrative US post at telecoms giant Telefonica to distance the company from the scandal.

Inaki Urdangarin, who also sits on the boards of several of the Spanish company's subsidiaries in Latin America, said in a document seen by Reuters that he had decided to take an extended leave of absence so the case against him would not "have any negative result for the Telefonica group".

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