The Royal Nephews at the Center of Monaco’s Latest Financial Scandal
Feb 29, 2024
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The podcast discusses how Prince Albert II's nephews allegedly used state contracts for personal gain in Monaco. Despite royal family denials, it has caused a political crisis. The chapter explores the controversial business dealings of the nephews in the helicopter industry and potential consequences for the royal family.
Royal nephews used state contracts for personal gain amidst Monaco's financial crime concerns.
Prince Albert II's accountant faced allegations of favoritism, intensifying pressure to reform Monaco's reputation.
Deep dives
Monaco's Crisis: Money Laundering and Corruption
Monaco, known for wealth and luxury, is facing scrutiny for money laundering and government corruption, with reports threatening to put the country on the Gray List. A Bloomberg investigation focuses on Monaco's royal family, particularly Prince Albert II's nephews, facing allegations of using their ties with the palace for personal gain amidst existing concerns of financial crime in the government.
Family Dynamics and Business Ventures
Andrea and Pierre Casiraghi, nephews to Prince Albert II, inherit their father's construction business and venture into state contracts, including iconic projects like the new yacht club of Monaco. They expand into the helicopter business, securing the exclusive Monaco to Nice Airport route after their company wins the contract against long-time operators, raising questions of favoritism and backdoor dealings.
Palace Intrigue and Legal Battles
Claude Palmero, the royal family's accountant, becomes central in the saga, managing their affairs but facing allegations of favoring certain developers. Leaked emails reveal potential misconduct, leading to litigation between Palmero and Prince Albert II. The turmoil brings intense scrutiny on Prince Albert's reign, under pressure to reform Monaco's shady reputation amid ongoing scandals and legal battles.
On today’s Big Take podcast, an investigation by Bloomberg Businessweek reveals how Prince Albert II’s government regularly favored his nephews in business deals. Members of the royal family deny any wrongdoing, but Monaco finds itself in the midst of a political crisis.
Bloomberg reporters Gaspard Sebag and Anthony Cormier detail why two of the Prince’s nephews are now facing allegations of using state contracts to line their own pockets at a time when the country’s government is already under scrutiny for failing to curb financial crime.