Report: Prince Andrew’s £1.5m loan repaid by companies linked to Tory donor Prince Andrew

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Prince Andrew took out a £1.5m personal loan which was later repaid by companies linked to David Rowland, a Conservative multi-millionaire donor and financier, it was alleged.

Bloomberg News reported on Tuesday that the Duke of York took the loan from Luxembourg’s private bank Banque Havilland in December 2017, and it was paid back 11 days later by companies linked to Roland, the bank’s founder.

Bloomberg claimed it had seen documents confirming that the transactions took place, with the money being transferred to Andrew London’s account via an account owned by Albany Reserves Ltd, of which Roland is a manager.

The report claimed that the loan – which has already been repeatedly extended, recently in the amount of £250,000 – was allowed on the grounds that it could open up “more business potential with the royal family”.

Roland and the Duke have had a close relationship for several years. He was the guest of honor at the official opening of Bank Havilland, which was set up from the Luxembourg arm of collapsed lender Kaupthing in the wake of the global financial crisis.

The Mail on Sunday reported earlier that Roland had helped pay off the debts incurred by the Duke’s ex-wife, Sarah Ferguson. At the time, a spokesperson for the Duchess said the deal was rejected.

Rowland was announced as Conservative Treasurer in 2010, but withdrew before taking on the role after stories emerged that he had previously been a tax exile in Guernsey.

Real estate mogul and banker, Rowland has donated more than £6 million to the Conservatives in recent years.

A spokesman for the Duke of York said: “We do not intend to comment on the validity or incorrectness of the series of assurances you have given us, other than to affirm that the Duke deserves a degree of privacy in conducting fully legitimate personal finances, in respect of which all appropriate accounting measures are taken and all taxes paid on as due.”

A Bank of Havilland spokesperson said: “Due to relevant laws and regulations, the Bank cannot comment on purported customers or transactions. Like all financial institutions, we are subject to routine inspections and audits and make all necessary disclosures. Compliance with legal and regulatory requirements is the bank’s highest priority. Denied categorically rejects any evidence of wrongdoing.

The Conservative Party declined to comment. Roland did not respond to emails and texts from Bloomberg inquiring about the terms of the transfer.

The story sheds light on the finances of the Queen’s second son, who is already facing allegations of sexual abuse, which he has consistently denied.

Andrew was previously the government’s trade envoy, but resigned in 2011 amid questions about his friendship with late financier and sex offender Jeffrey Epstein.

Virginia is suing Jeffrey Andrew in the US, accusing him of sexually assaulting her when she was under 18, including at two Epstein homes. It was reported that the Queen is funding Andrew’s defense.

The Metropolitan Police announced last month that it would not take any further action over Jeffrey’s allegations, after reviewing documents related to the case.

The Duke broke his silence on these and other allegations in a widely watched 2019 BBC interview in which he sought to discredit Jeffrey’s story. Subsequently, he resigned from all public engagements after a popular backlash over his television testimony.

Ghislaine Maxwell, a close friend of the Duke who invited him to Buckingham Palace, is on trial in New York for sex crimes, conspiracy and perjury in connection with Epstein’s activities.

The Duke is believed to receive £250,000 a year from his mother, the Queen, plus a pension from the Navy. Questions have been raised about his finances several years ago, as he appears to be living a luxurious lifestyle.

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