Santander executive Ana Botin has characterized the collapsed MFS property lending empire as a "jellyfish" that delivered a painful sting to the Spanish banking giant, according to recent reports.

The comments come as the failed property lending business faces increased scrutiny over its auditing arrangements. According to financial records, MFS operated using a network of small accounting firms to conduct its audits before the company's eventual collapse.

MFS had been involved in property lending operations that ultimately failed, resulting in losses for various stakeholders including Santander. The specific nature and timeline of Santander's exposure to MFS losses were not detailed in the available reports.

The use of smaller auditing firms by MFS has drawn attention as investigators and creditors examine the circumstances surrounding the company's collapse. Larger financial institutions typically employ major accounting firms for auditing services, making MFS's approach notable in comparison.

Botin's characterization of MFS as a jellyfish appears to reference the unexpected and painful nature of the financial impact on Santander, though the full context of her remarks was not provided in available reporting.