Prince Andrew’s lavish lifestyle, conducted on the known income of a navy pension of around £20,000 ($27,000) has long been a true royal mystery. Even with an annual allowance of £250,000 ($340,000) from his mother, he lives a glamorous life with luxury holidays, fast cars, a $23 million Swiss chalet and private jet beyond its capabilities.
No doubt the sale of a mansion given to him by his mother helped, especially He sold it for £3 million ($4 million) more than the asking price for a Kazakh financier who, after a delay, destroyed it.
Now, at least part of the answer to Andrew’s enviable cash flow puzzle is provided by Bloomberg News The investigation found a company controlled by one of the main donors of the ruling Conservative Party, David Rowland, had sent £1.5 million ($2 million) to Andrew. Andrew quickly used the money to repay a loan of the same amount from a private bank controlled by the Rowland family.
Bloomberg News alleges that David Rowland’s firm, Albany Reserves, “transferred funds to a London account at Banque Havilland SA hosted by the Queen’s second son in December 2017, “quoting” interviews with two people familiar with transactions and banking documents seen by Bloomberg News. “
Bloomberg added: “The transfer was prepared to pay off a £1.5 million ($2 million) loan from Banque Havilland that the prince had borrowed just 11 days earlier.”
In fact, Bloomberg states, the loan started as “a £1.25 million loan that has either been renewed or increased tenfold since 2015”.
Bloomberg’s report Andrew “acted as an unofficial door opener for Rowland and his family for over a decade” and said the loan was taken despite the fact that Banque Havilland staff warned the loan ” unsuitable for the bank’s risk appetite,” according to “an internal credit application”.
A note on the document added that the unsecured loan, bearing an interest rate of 8%, was granted in November 2017 as it opens up “further business potential with the royal family”, added: “While the loan (increase) is unsecured and granted solely against the credit of the applicant, both his and his mother’s position as the sovereign monarch of the United Kingdom should provide access to funds to repay debt if needed. ”
Bloomberg said the loan was later repaid using “£1,503,000 transferred to the prince from a company registered in Guernsey controlled by the Rowland family.”
A spokesman for the Duke of York told Bloomberg News that Andrew “enjoys a degree of privacy in the conduct of his personal, completely lawful financial affairs, on which all measures are taken.” proper accounting and all taxes payable. A spokesperson for Banque Havilland declined to comment to Bloomberg.
Bloomberg reports that Andrew has attended Banque Havilland events, including the opening of a branch in Monaco in 2012, where he gave a speech and is announcing a 2018 joint venture with the company’s sovereign wealth fund. Abu Dhabi.
Rowlands “often presents themselves as investment advisors to the prince and royal family,” Bloomberg reported, adding that they “have joined him on an official trip to China when Andrew was the representative UK Special Trade”.
David Rowland rose from humble beginnings as the son of an English scrap metal merchant to cash in on real estate and investing. He has donated more than £6 million ($8 million) to Britain’s Conservative party. David, his son Jonathan, and their wife “were in the front row at the 2018 wedding of Andrew’s youngest daughter, Princess Eugenie, at St. George at Windsor Castle,” Bloomberg reported.
https://www.thedailybeast.com/prince-andrews-hot-new-mess-is-a-dollar2m-wire-transfer-and-an-unsecured-loan-from-his-private-banker-pal?source=articles&via=rss | Prince Andrew’s hot new message is a $2 million bank transfer and an unsecured loan from his private banker