About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg shared this story about Prince Andrew’s dealings with a Luxembourg bank.
Bloomberg Quicktake: Now published this video item, entitled “Prince Andrew Helped a Secretive Luxembourg Bank Woo Sketchy Clients” – below is their description.
It isn’t much fun these days being Prince Andrew, eighth in line to the British throne.
Last year he was grounded by his mother, the queen, after a disastrous TV interview about his links to the late money manager and convicted pedophile Jeffrey Epstein.
The prince rarely leaves the confines of Windsor Great Park, where he lives in a 30-room house, and he hasn’t made a public statement in months.
When he does communicate, it’s through lawyers sparring with U.S. prosecutors who want to question him.
But Epstein is only the most infamous wealthy financier the prince has had dealings with. There’s another one the public knows less about.
For years, Andrew acted as an unofficial door opener for David Rowland and his private bank in Luxembourg, Banque Havilland SA, according to a trove of emails, internal documents, and previously unreported regulatory filings reviewed by Bloomberg Businessweek, as well as interviews with 10 former bank insiders.
His royal cachet and his role as the U.K.’s special representative for international trade and investment until 2011 helped the Rowland family pitch their services to potential clients from the ranks of the world’s dictators and kleptocrats.
Then in 2011 a photograph published in the Daily Mail drew unwanted scrutiny. It showed the prince with his arm around a young woman in Epstein’s entourage as Ghislaine Maxwell, Epstein’s former girlfriend and alleged co-conspirator, looked on.
Andrew would later claim that the photograph may have been doctored, but the image came at a bad time for the Rowlands: Jonathan, David’s son and Banque Havilland’s then-chief executive officer, was planning a trip to Cameroon, Equatorial Guinea, and Gabon to scout for business, and he wanted Andrew to join him.
The previous year the Rowlands had accompanied the prince on an official visit to China, where Andrew had given them access to some of his meetings.
In other countries and on other occasions, they introduced themselves as investment advisers to the prince and the royal family when wooing clients.
But Andrew never went on that trip to Africa.
“Disappear for a while,” Jonathan advised the prince in an email obtained by the Daily Mail, which has reported on some aspects of Andrew’s dealings with the Rowlands.
Andrew’s relationship with the family was mutually beneficial. It afforded him a lifestyle beyond the reach of his reported $320,000 annual stipend, including trappings such as the use of the Rowlands’ $45 million jet.
He had a private bank account at Banque Havilland and a credit card in the name of Andrew Inverness, a pseudonym that’s an apparent nod to one of his many titles, Earl of Inverness.
For the Rowlands, Andrew’s involvement brought some class to a tiny financial institution they’d purchased on the cheap in 2009 from the ruins of Iceland’s Kaupthing Bank.
They rechristened it after Havilland Hall, David Rowland’s estate on Guernsey, a tax haven in the Channel Islands, and settled on an unusually bold business model.
Most banks have become increasingly selective about their clients to avoid running afoul of anti-money-laundering rules.
Governments on both sides of the Atlantic require them to vet the sources of their clients’ wealth, monitor their transactions, and report any suspicious activity—with more stringent checks for those who hold prominent public positions.
But the picture of Banque Havilland that emerges from the documents and interviews is of a bank willing to work with people most other financial institutions would shun.Bloomberg Quicktake: Now YouTube Channel
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In This Story: Cameroon
Cameroon, officially the Republic of Cameroon, is a country in Central Africa and West Africa.
Cameroon is home to over 250 native languages spoken by nearly 25 million people. Cameroon became a German colony in 1884 known as Kamerun. In 1960, the French-administered part of Cameroon became independent. The southern part of British Cameroons federated with it in 1961 to form the Federal Republic of Cameroon. The federation was abandoned in 1972. The country was renamed the United Republic of Cameroon in 1972 and the Republic of Cameroon in 1984.
The official languages of Cameroon are French and English. Its religious population consists of 70.7% Christians and 24.4% Muslims. It is governed as a Unitary presidential republic and has good relations with the major powers of France, the United Kingdom and China.
The largest cities in population-terms are Douala on the Wouri River, its economic capital and main seaport, Yaoundé, its political capital, and Garoua.
The country is well known for its successful national football team.
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In This Story: Equatorial Guinea
Equatorial Guinea consists of two parts, an insular and a mainland region. The insular region consists of the islands of Bioko (formerly Fernando Pó) in the Gulf of Guinea and Annobón, a small volcanic island which is the only part of the country south of the equator. Bioko Island is the northernmost part of Equatorial Guinea and is the site of the country’s capital, Malabo. The Portuguese-speaking island nation of São Tomé and Príncipe is located between Bioko and Annobón. The mainland region, Río Muni, is bordered by Cameroon on the north and Gabon on the south and east. It is the location of Bata, Equatorial Guinea’s largest city, and Ciudad de la Paz, the country’s planned future capital. Rio Muni also includes several small offshore islands, such as Corisco, Elobey Grande, and Elobey Chico. The country is a member of the African Union, Francophonie, OPEC and the CPLP.
Since the mid-1990s, Equatorial Guinea has become one of sub-Saharan Africa’s largest oil producers.
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In This Story: Gabon
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In This Story: Ghislaine Maxwell
Ghislaine Noelle Marion Maxwell is a British former socialite, known for her association with financier and convicted sex offender Jeffrey Epstein. She worked for her father, the publishing tycoon Robert Maxwell, until his death in 1991 when she moved to the United States and became a close associate of Epstein.
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In This Story: Guinea
It’s known for the Mount Nimba Strict Nature Reserve, in the southeast. The reserve protects a forested mountain range rich in native plants and animals, including chimpanzees and the viviparous toad. On the coast, the capital city, Conakry, is home to the modern Grand Mosque and the National Museum.
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In This Story: Jeffrey Epstein
Jeffrey Edward Epstein was an American financier and convicted sex offender. He began his professional life as a teacher but then switched to the banking and finance sector in various roles, working at Bear Stearns before forming his own firm.
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In This Story: Luxembourg
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In This Story: Prince Andrew
Prince Andrew, Duke of York, KG, GCVO, CD, ADC is a member of the British royal family. He resigned from all public roles as a result of his association with the Jeffrey Epstein sex trafficking scandal. He is the third child and second son of Queen Elizabeth II and Prince Philip, Duke of Edinburgh.