Claims by a former close confidant of Monaco’s royal family that part of its fortune is placed in tax havens have rocked the affluent city state, in the latest scandal facing the palace under Prince Albert II.
The new controversy erupted after French newspaper Le Monde last week published the allegations, which it said were based on detailed notes the palace’s wealth manager made while working for the family.
Claude Palmero was for more than two decades in charge of managing the palace’s assets, first for Rainier III, the husband of American actress Grace Kelly, and then their son Prince Albert when he became ruler of Monaco in 2005.
But the wealth manager, who took over from his father in 2001, was unexpectedly forced to step down last year, and he has since tried to sue the monarch over his dismissal.
Princess Charlene and Prince Albert II of Monaco pose at the palace balcony during the Monaco National Day Celebrations on November 19, 2019, in Monte-Carlo. Photo: Corbis via Getty Images
Le Monde reported that, according to five books of notes Palmero took with him when he left the palace, some royal funds have been placed offshore over the years in the tax havens of Panama and the British Virgin Islands.
Source link : https://www.scmp.com/news/world/europe/article/3250190/monaco-royals-rocked-new-claims-over-offshore-assets
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Publish date : 2024-01-29 08:00:00
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