Prince Andrew took money from firm linked to ripped-off pensioners
Prince Andrew was paid tens of thousands of pounds by a British businessman with links to an asset management company that ripped off pension savers.
The King’s brother, who last week said he would no longer use his titles including Duke of York, has long faced questions about his finances and how he funds his lifestyle.
She resigned from royal staff in 2019 due to her relationship with sex offender Jeffrey Epstein and no longer receives any money from the King.
Although his financial situation remains unclear, details of some of his dealings and controversial business partners occasionally emerge in lawsuits.
Prince Andrew did not respond to requests for comment.
Documents from the High Court in London show Andrew received £60,500 from British businessman Adrian Gleave in December 2019, just weeks after the BBC Newsnight interview that led to his withdrawal from public life.
The payments came to light in a High Court lawsuit filed by elderly Turkish millionaire Nebahat İşbilen, who claimed that the money she paid to Andrew and his ex-wife Sarah Ferguson was misappropriated by a business consultant.
This money was transferred to a British company called Alphabet Capital Limited, owned by Mr Gleave.
According to an “agreed statement of fact signed by or on behalf of the Duke and Duchess, Mr. Gleave and Alphabet,” Mr. Gleave’s company, Alphabet, “has previously made, and may in the future make, significant payments to His Royal Highness Prince Andrew, Duke of York.”
The payments, which Prince Andrew received directly from Mr Gleave and his businesses, also sent through Alphabet Capital, came months after the businessman resigned as a director of SVS Securities, a company ordered to cease trading by the financial regulator over allegations of mis-selling of pensions.
SVS Securities collapsed in August 2019, just days after the Financial Conduct Authority (FCA) ordered it to cease regulated activities.
Customers’ pension funds were found to have been invested in high-risk bonds for their own benefit in order to earn large commissions from SVS.
Some investments made based on undisclosed commissions later defaulted and clients faced significant losses. Investors were also charged high fees to withdraw money to increase their profits, the FCA found.
Mr Gleave, 55, was head of business development at SVS, which he joined in 2013.
He remained a registered director on the FCA’s register until late July 2019, less than two weeks before the regulator intervened.
Until a few months ago he was a company director registered with Companies House, but he claims on LinkedIn that he left the job in November 2018.
Three SVS executives were later banned and fined by the FCA but Mr Gleave was not one of them. Two names are objecting to the decision.
The Financial Services Compensation Scheme has paid out more than £41 million to former SVS customers.
Mr Gleave also ran a number of caravan and mobile home parks in Northern Ireland and England at the time he was in business with Prince Andrew.
At one point, he reportedly worked at one of the parks, an over-55s retirement village on the east coast of Northern Ireland.
Ten of the parks have since gone into administration and Mr Gleave, who did not respond to a request for comment, now works for a renewable energy company focusing on artificial intelligence and crypto finance.
Neither Prince Andrew nor Mr Gleave ever explained the reason for the payments or the nature of any contractual relationship between the two men.
Baroness Margaret Hodge, former chair of the House of Commons public accounts committee, said Mr Gleave’s business background raised questions about Prince Andrew’s judgment and financial affairs.
“This is another example where some transparency can help answer legitimate questions about the source of the money and the purpose of the payment,” he said.
“Without these answers, any skeptical person would be concerned that some financial wrongdoing could occur and this could risk tarnishing the reputation of the Royal family,” he added.
According to court documents, Gleave’s company, Alphabet Capital, was also used to transfer significant sums from Ms Isbilen to Prince Andrew and his ex-wife Sarah, in addition to payments made by himself.
Ms Ferguson was paid £50,000 by Alphabet Capital in February 2020. It was previously reported that he was paid £20,000 by Alphabet for his role advising the company, and also received more than £200,000 to cover his work as a brand ambassador for a US solar company.
Prince Andrew was also given £750,000 directly by Ms Isbilen, which she repaid herself.
The couple’s daughter Eugenie was paid a further £10,000 from Alphabet Capital. This, along with a £15,000 payment from Ms Isbilen’s business adviser, was previously described by Eugenie as a gift from a “long-standing family friend” to pay for a surprise birthday party for her mother Sarah.
Alphabet Capital opened accounts claiming to be a dormant company at the time the payments were made. These were later corrected but only a turnover of £80,000 was listed.
Prince Andrew and Mr Gleave did not respond to requests for comment.
