Police Face Calls to Investigate Offshore Company Tied to Prince Andrew
Police are under mounting pressure to launch a formal investigation into an offshore company that appears to have been established to help Prince Andrew Mountbatten-Windsor capitalise on his secretive business dealings during his tenure as a trade envoy. The calls follow the emergence of documents obtained by The Mail on Sunday, which shed light on the former prince's financial activities.
Secretive Offshore Structure Revealed
The documents reveal that Prince Andrew jointly owned a company named Inverness Asset Management (IAM) with his close friend, property tycoon David Rowland. This entity was registered in the British Virgin Islands, a well-known Caribbean tax haven, in 2007 and remained operational until it was wound up in 2019.
According to the leaked papers, IAM was allegedly used to attract wealthy contacts from Prince Andrew's network to invest in a tax-free offshore fund. The plan, first exposed by The Mail on Sunday, involved targeting ultra-rich investors, many of whom the former prince would have met while serving as Britain's trade envoy between 2001 and 2011.
High-Value Investment Fund Details
The investment vehicle in question was the Blackfish Money Plus+ Fund, which was structured in the Cayman Islands—another prominent tax haven. Participation in this fund was restricted to individuals willing to commit a minimum investment of one million dollars.
A promotional document for the fund explicitly stated: 'The introductions will largely be from the contacts of IAM, consisting of royal families, high-net-worth families, heads of state and government institutions.' This suggests a direct link between Prince Andrew's official role and the fundraising efforts.
Political and Public Reaction
Mike Wood MP, the shadow Cabinet Office minister, responded to the allegations by stating: 'These allegations are deeply concerning and the police must urgently investigate the matter to establish the full facts.' His comments underscore the growing demand for transparency and accountability.
Royal author Andrew Lownie added: 'The police clearly have to look at Inverness Asset Management and this offshore fund as part of their investigation. It raises a host of deeply worrying questions about whether these were used by Andrew to make money from his time as trade envoy.'
Ownership and Financial Arrangements
The leaked documents provide further insight into the ownership structure of IAM. Prince Andrew held a 40 per cent stake in the company, while the Rowland family controlled the remaining 60 per cent through their firm, Blackfish Capital Management.
The company was described as the result of a 'long-standing relationship' between David Rowland and Prince Andrew, 'whereby DR [David Rowland] has acted as adviser and mentor with regards to both general financial matters and specific investments.'
Lavish Lifestyle and Financial Discrepancies
During his time as trade envoy, Prince Andrew was nicknamed 'Air Miles Andy' due to his opulent lifestyle, which included holidays on luxury yachts and travel by private jet. His extravagant expenditures raised questions about the sources of his wealth, given his reportedly limited official income.
- He owned a collection of expensive watches, including a Patek Philippe valued at £150,000 and a gold Apple Watch worth £12,000.
- His fleet of cars featured a distinctive green Bentley.
- In 2014, he and his ex-wife Sarah Ferguson purchased a £13 million ski chalet in the prestigious Swiss resort of Verbier.
Uncertain Operational Status and Payments
It remains unclear whether the Blackfish Money Plus+ Fund ever became operational. However, another document indicates that IAM received a substantial payment of $640,000 from a different Blackfish fund in December 2008, suggesting financial transactions were occurring within this offshore network.
Andrew Lownie highlighted the significance of these findings, noting: 'For years, the prince appeared to be living the life of a billionaire playboy despite having a limited income, and this fund could explain how he pulled it off.' This statement encapsulates the core concerns driving calls for a police investigation into the offshore activities linked to Prince Andrew's trade envoy role.
