Thursday, June 1, 2023
HomeUSA NewsPrince Andrew's USD 2 million loan repaid by banker

Prince Andrew’s USD 2 million loan repaid by banker


Prince Andrew’s USD 2 million loan repaid by banker.

Prince Andrew should be investigated by Parliament for a $ 2 million loan that his banker friend paid back days after it was removed, says a former minister.

The money was approved on the basis of Queen Elizabeth II’s reputation, even though staff said it was “not in line with the bank’s appetite for risk,” a loan application cited by Bloomberg revealed.

UK Conservative Party donor David Rowland transferred the same sum to Banque Havilland 11 days later, in 2017, with the money intended to pay off the loan, the news outlet reported.

The financier and his family are considered owners of the bank, although he has not been an executive there.

A Superior Court judge in an unrelated case recently ruled that the bank’s actions are “subject to a discretionary trust executed by David Rowland.”

Prince Andrew has made several appearances on behalf of the bank, attending its opening in Luxembourg in his official capacity as a member of royalty in 2009.

Norman Baker, former UK government minister and royal commentator, said: “This shows once again that important 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.”

An internal credit application document showed the loan was approved despite warnings in hopes of “greater business potential with the Royal Family,” according to Bloomberg.

He added: “While the (increased) loan is not guaranteed and is made solely against the credibility of the applicant, 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 it is necessary”.

A recent judgment in London High Court in an unrelated case between the bank and Qatar outlined Rowland’s ties to the bank.

It read: “The Bank’s shares are subject to a discretionary trust whose executor is David Rowland, an English businessman. Several members of Mr. Rowland’s family are, or have at some time been, employees and/or directors of the Bank.”


Recent Stories

Suggested for you