Home H.S.H. Prince Albert Prince Andrew in turmoil: Why this new financial scandal could embarrass Albert...

Prince Andrew in turmoil: Why this new financial scandal could embarrass Albert of Monaco?

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While the trial of Ghislaine Maxwell, in which Prince Andrew is involved, is in full swing in New York, another case – financial this time – is pursuing him in the United Kingdom.

An exchange of potentially embarrassing emails between the Duke of York and the Palace of Monaco was revealed this week by the British newspaper, The Mail on Sunday. A dialogue that shows that Prince Andrew would have used his address book to help his friend, the wealthy David Rowland to open a bank in Monte Carlo.

In one of the emails from 2009, one of Prince Albert’s staff addressed the Duke of York saying, “To answer your question: how difficult is it to get a banking license in Monaco in order to operate there? The Monegasque authorities do not prohibit foreign banks from entering the country. New banks are welcome, provided they meet the criteria of experience and good repute.

The day after receiving the letter, Prince Andrew forwarded the same e-mail to Jonathan Rowland, the son of his friend David Rowland, who was then the head of Havilland Bank, saying: “Here is the answer from Monaco. I am planning to go there in March to see P. Albert so until then we can push the matter.

On March 4, 2010, the son of Queen Elizabeth II had visited Monaco during a gala in the presence of Albert II. It should be noted that there is no existing evidence to date that the two princes have exchanged on this subject during the evening. At the time of the incident, Andrew was still serving as an active member of the British royal family.

Nevertheless, in 2012, two years after the exchange of e-mails, the Havilland bank opened a branch on the Rock after buying the private bank Dexia. Among the guests of honor at the opening ceremony was Prince Andrew, who had traveled by private jet, chartered for the occasion by David Rowland.

The prince of all the scandals

These new revelations come in addition to the financial scandal that pursues Prince Andrew for several days. It is the repayment by David Rowland, a debt of over 1.5 million pounds contracted by Prince Andrew with the Luxembourg bank Havilland.

According to the financial media Bloomberg, between 2015 and 2017, Prince Andrew borrowed around 125,000 pounds every three months from the bank Havilland, accumulating a heavy debt of nearly 1.5 million pounds. The Duke of York’s last withdrawal in November 2017 was £250,000 towards his “living expenses.”

David Rowland’s personal fortune is estimated at 715 million euros. A close friend of the crown, the wealthy banker was among the guests at the wedding of the youngest daughter of Prince Andrew and Sarah Ferguson.

If the case is particularly shocking to the British it is because the Buckingham code of conduct insists that members of the royal family should not accept donations that could make them beholden to donors to different political parties. David Rowland has donated more than £6 million to the Conservative Party in the United Kingdom. Once again, Prince Andrew’s antics could damage the monarchy.

Photo credits: Agency / Bestimage

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