A $ 2 million bank transfer and an unsecured loan from his private banker friend

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Ian Forsyth / Getty Images

Prince Andrew’s lavish lifestyle, led on a known naval pension income of around £ 20,000 ($ 27,000) has long been a true royal mystery. Even when he received an annual stipend from his mother of £ 250,000 ($ 340,000), he seemed to be living a flashy lifestyle of chic vacations, fast cars, a $ 23million Swiss chalet, and jets. private far beyond its apparent means.

No doubt the sale of a mansion his mother gave him helped, especially since he sold it for £ 3million ($ 4million) more than the price asked of an oligarch Kazakh who, after a delay, demolished it.

Now at least part of the answer to the conundrum of Andrew’s enviable cash flow situation comes from a Bloomberg News investigation that found a company controlled by one of the main donors to the ruling British Conservative Party, David Rowland, sent Andrew £ 1.5million ($ 2million). Andrew quickly used the money to repay a loan of an equivalent amount from a private bank controlled by the Rowland family.

Bloomberg News alleges that David Rowland’s company Albany Reserves “transferred the money to a London account at Bank Havilland SA held by the Queen of England’s second son in December 2017”, citing “interviews with two people familiar with the banking transactions and records seen by Bloomberg News.

Bloomberg adds: “The transfer was intended to repay a £ 1.5million ($ 2million) loan from Bank Havilland that the Prince had taken out 11 days earlier.”

In fact, Bloomberg says, the loan started as a “£ 1.25million facility that has been extended or increased 10 times since 2015”.

Bloomberg reports that Andrew “functioned as an unofficial door opener for Rowland and his family for over a decade” and says the loan was granted despite Bank Havilland staff warning that the loan was “not in line with the bank’s risk appetite,” according to “an internal credit application.”

A note on the document reportedly added that the unsecured loan, bearing 8% interest, was granted in November 2017 because it opened “further business potential with the Royal Family”, adding: “Although the loan (increased) is unsecured and granted only against the credibility of the claimant, both his position and the fact that his mother is the sovereign monarch of the United Kingdom should provide access to funds for repayment if needed.

Bloomberg says the loan was then repaid using “£ 1,503,000 transferred to the prince from a company registered in Guernsey controlled by the Rowland family.”

A spokesperson for the Duke of York told Bloomberg News that Andrew “is entitled to a certain degree of confidentiality in the conduct of his very legitimate personal financial affairs, upon which all appropriate accounting steps are taken and all taxes duly paid “. A spokesperson for Banque Havilland declined to comment on Bloomberg.

Bloomberg reports that Andrew attended Bank Havilland events, including opening a branch in Monaco in 2012 where he delivered a speech and participated in the unveiling of a 2018 joint venture with the fund. ruler of Abu Dhabi.

The Rowlands “have often portrayed themselves as investment advisers to the prince and the royal family,” Bloomberg reported, adding that they “joined him on an official trip to China while Andrew was the special representative of the United Kingdom for trade “.

David Rowland went from humble beginnings as the son of a British junkyard to making his fortune in real estate and investing. He has donated over £ 6million ($ 8million) to the UK Conservative Party. David, his son Jonathan and their wives “had front row seats at the 2018 wedding of Andrew’s youngest daughter, Princess Eugenie, at St. George’s Chapel in Windsor Castle,” Bloomberg reports.

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