Prince Andrew’s £1.5m loan reportedly paid off by conservative party donor
One of the conservative party’s top donors reportedly transferred £1.5m to Prince Andrew days after he borrowed a similar amount from a Luxembourg bank.
David Rowland sent the money to a London account at Banque Havilland SA in December 2017 which was held by Prince Andrew, Bloomberg News first reported. The wire transfer came from a company of which Rowland was a director and was used to repay a loan which the royal had taken out from the same bank almost two weeks prior.
Prince Andrew was able to borrow the money because of his royal connections despite the bank identifying the loan, which had been repeatedly extended, as a potential risk.
Internal bank documents seen by Bloomberg reveal that lending the Queen’s second son money was “not in line with the risk appetite of the bank.” However, it was issued anyway because bankers thought it could open up “further business potential with the Royal Family.”
“While the (increased) 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 statement read.
Rowland has donated more than £6m to the Conservatives in recent years. In 2010 he was announced as the treasurer of the Conservative party, but withdrew from the race after it was alleged he had previously been a tax exile in Guernsey.
The documents offer a glimpse into how Prince Andrew managed to fund his lavish lifestyle. The connection to the Rowland family also signals the complex web of interests which exist in his social circle, which included the pedophile Jeffrey Epstein.
Prince Andrew withdrew from his public duties as a royal after he was accused of sexual abuse. Virginia Giuffre is suing Andrew through a US court and the Queen is reportedly funding his defence. In the UK the metropolitan police last month said the force would take no further action over the claims.
Read more: Deadline set in Prince Andrew’s civil sexual assault case coincides with Queen’s Jubilee next year