Fallacy about the foundation of Spanish Empire corrected (15)

I believe the answer is:

misapprehension

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'fallacy' is the definition.

'of spanish empire corrected' is the wordplay.
'of' indicates an anagram (the answer comes from or 'of' the letters).
'corrected' becomes 'on' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'spanish'+'empire'='spanishempire'
'spanishempire' is an anagram of 'misapprehensi'.
'misapprehensi'+'on'='MISAPPREHENSION'

'about the foundation' acts as a link.
This may not be right. Some or all of it may belong to another bit of the clue.

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(Other definitions for misapprehension that I've seen before include "False impression" , "wrong understanding" , "Mistaken belief" .)

I've seen this clue in The Independent.

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