The loan was payed off 11 days later
Reports suggest that a £1.5m loan taken out by Prince Andrew was paid off by firms linked to a significant Conservative donor and personal friend.
In 2017, Prince Andrew took out a personal loan with the Luxembourg-based Banque Havilland but the loan was paid back only 11 days later, reports Bloomberg.
The report names David Rowland as the person to pay off the loan, who happens to be the bank’s founder and a major Tory donor.
Bloomberg claims to have seen documents that confirmed such transactions had taken place. Documents show that funds had been wired to the Duke of York’s London account via another account held by Albany Reserves Ltd, a company where Rowland happens to be listed as a director.
Former Banque Havilland staff members have said that unsecured loans are rarely if ever, made. A note from an internal credit report is said to have stated that the transaction was “not in line with the risk appetite of the bank” but was approved as it opened up “further business potential with the royal family.
“While the loan is unsecured and granted solely against the credibility of the applicant, both his position and that his mother is the sovereign monarch of the United Kingdom should provide access to funds for repayment if need be,” the report added.
Though the repayment was not due until the following year, a former employee told Bloomberg that it took 11 days to repay from a Guernsey-registered company that Rowland’s family controls.
Rowland, 76, and Prince Andrew, 61, have allegedly known each other for some time, with the latter being the guest of honour at the grand opening of Banque Havilland back in 2009. Rowland also had a front-row seat at the wedding of Andrew’s youngest daughter Princess Eugenie in 2018.
The Duke of York is also said to have opened business doors for his best buddy.
Former UK government minister Norman Baker told Bloomberg: “This demonstrates yet again that significant questions need to be asked about Prince Andrew’s business dealings and his association with some dubious characters.
“Parliament should investigate this matter with some urgency.”
- Prince Andrew’ worried’ after High Court decision and ‘not usual blasé self’, according to reports
- Queen Elizabeth allegedly paying for Prince Andrew’s defence
- Ghislaine Maxwell prepared to give evidence in Prince Andrew sexual assault lawsuit