The head of major Ferrari sponsor Santander is being investigated for suspected tax-related crimes, financial news sources are reporting.
Bloomberg, the Wall Street Journal and the Financial Times say Emilio Botin - the red-jacketed F1 paddock regular - is under investigation by Spain’s National Court, alongside several of his family members.
The scandal, involving Swiss accounts held by the Botin family members, coincides with the Spanish bank Santander’s annual shareholders’ meeting.
But the National Court said in a statement that if documentation provided by the Botin family is true, they will be "absolutely exonerated".
A statement issued by Santander said the Botins have met all their tax obligations by "voluntarily" paying back EUR 200 million in taxes.
"The family hopes that this matter can be satisfactorily and quickly clarified by the court," said lawyer Jesus Remon.
The case will be settled by June 30.