Where DOES Andrew's murky money come from? His business dealings must be investigated after 'spy' scandal, says expert

Today at 10:09 AM

PRINCE Andrew’s business dealings must be investigated in light of the Chinese “spy” scandal, says an expert.

The Duke of York is understood to have been a “close confidant” of Yang Tengbo, who was banned from the UK on national security grounds.

An appeal hearing found Yang, 50, had been dishonest about his links to the Chinese state and could exploit his relationship with the duke, 64, and other public figures.

It comes after the Sun reported last week the alleged foreign agent knew how to sneak people in and out of the duke’s Royal Lodge home.

The shock revelation emerged in a letter from one of Andrew's top advisers, Dominic Hampshire, to the spy.

While yesterday it was reported a leaked email shows the duke boasted about having been afforded preferential treatment in opening an account with the Bank of China in 2008.

The account is understood to have been based in China and would have allowed Andrew to take payments for business deals outside of the glare of UK authorities.

Royal biographer Andrew Lownie told our Royal Exclusive show: “We need a real investigation, probably by parliamentary committee, into actually what happened with this special representative.”

He went on to say Andrew has been “protected by diplomats” with “shocking” instances allegedly covered up over the years.

“I think he is taking money from various people in the Middle East and Central Asia,” he said.

“He's been taking commissions off deals, he's been doing that for 20 years.

“I know of several cases, diplomatic instances were hushed up of him trying to scrounge money off various rulers in the Middle East and elsewhere.

“The fact is, we know nothing about his finances, he operates through frontmen like Dominic Hampshire, the man who's involved with this Chinese businessman, but he also disguises his identity in companies.

“He sets up a whole series of dormant companies, where he can disguise transactions through them. His ex wife [Sarah Ferguson] is exactly the same…

“I think there are a lot of big questions about where they're earning their money.”

Mr Lownie – who is due to release a joint biography on the Yorks next year – said a “whole series” of measures need to be introduced to keep tabs on the royals’ income. 

“We need to have a register of royal interests, which was explored several years ago, like the parliamentary register… they would have to declare, in effect, their business activities,” he said.

“There was meant to be a list of royal gifts, but that hasn't followed. The ways that Andrew's paid in gifts…”

He added: “I think we need to have royal wills unsealed so we know how the wealth is passed down through the generations.”

Cameron Walker, GB News royal correspondent, also appeared on the show, hosted by Sun royal editor Matt Wilkinson.

Referring to the Chinese case, he said: “What this scandal has done has highlighted the issue of transparency when it comes to members of the Royal Family, because a lot of their finances are secret.

“I think the Royal Family would probably argue they publish the Sovereign Grant every year, they publish the Duchys of Cornwall and Lancaster as well.

“But, of course, there are other members of the Royal Family, working or not, who do somehow get paid.

“There is no transparency in that. But the other question is do the public actually care how the Royal Family are funded and should they care?”

Mr Wilkinson questioned whether private income sources need to be revealed, as this wouldn’t be the case for the general public.

Mr Lownie said: “The question is it's private income made off the back of them being royals… they're utilising their royal position to make money, personally. That's the question.

“It's not their private things. There are plenty of members of the Royal Family who have shares and run businesses that absolutely should be private.

“It's where they are using their royal position for their own personal gain and that is the big thing with Andrew, and indeed his ex wife.”          

Mr Walker added once Andrew’s alleged “business interests” in the Middle East and Asia are fully exposed “he’s going to be complete toast”.

“And I think he’s going to bring the Royal Family down with him.”