Prince Andrew reportedly took out a $2 million loan from a private bank under investigation for money laundering, then received the same amount back days later from a prominent political donor whose family owns the business.
Bloomberg News cited individuals and bank papers to report that the jet-setting UK monarch borrowed the money in late November 2017 from Banque Havilland, which is currently under criminal investigation.
Tory Party's donor pays Prince Andrew's debt
Even though the Luxembourg bank seldom offers unsecured loans and an internal credit application found it "not in accordance with the bank's risk appetite," the middle son of Queen Elizabeth II was authorized, according to the report.
According to documents seen by Bloomberg, it was allowed in part because it offered up "additional commercial prospects with the Royal Family." The money was to cover $1.7 million he already owed the bank, with the remainder going for "general working capital and living expenditures," according to the report.
Prince Andrew was sent another $2 million by a firm controlled by banker David Rowland, a significant political donor whose family owns Banque Havilland, just 11 days later.
The tax haven banker who allegedly paid off Prince Andrew's $2 million debt from his family's bank got a front row seat at Princess Eugenie's wedding. David Rowland, 76, has known Prince Andrew for a long time and was there at Princess Eugenie's wedding to Jack Brooksbank in October 2018, The NY Post reported.
He allegedly sat first row for the Royal event at Windsor Castle's St. George's Chapel, which also hosted Eugenie's cousin Prince Harry and US actress Meghan Markle's Royal Wedding in May of the same year.
Prince Andrew, David Rowland's ties
The loan arrangement was replaced in November 2017 with a $2 million loan to support the Prince's general working capital and living expenditures. Despite an internal credit application revealing it was "not in accordance with the bank's risk appetite," the new loan was authorized in 2017.
The loan supplemented Prince Andrew's income, which was already supplemented by his Royal Navy pension and his mother's allowance. Rowland is said to have paid off the loan by wiring the same amount to Prince Andrew's account at his family's bank just days after the loan was approved in November 2017.
Graham Smith of the anti-monarchy organization Republic has called for a probe of the Duke of York's ties with Rowland, who is placed 226th on the Sunday Times Rich List.
The two have been pals since Prince Andrew presented a monument of the financier in Guernsey in 2005. The bronze monument was unveiled as part of a black-tie event honoring the magnate's achievements.
Prince Andrew also attended the inauguration of Banque Havilland in Luxembourg, Monaco, and Abu Dhabi in 2009, 2012, and 2018. Rowland has donated more than $8.9 million to the Tory Party and is said to have seen the Queen at Balmoral in 2010.
He also paid $53,936 to help Andrew's ex, Sarah Ferguson, pay off her debts, and accompanied the Prince on travels to China, even attending certain meetings. Prince Andrew also had a 40% share in Inverness Asset Management, which is part of the Rowland family's Blackfish Capital Management, as per MIRROR.