Prince Albert warned his gamble with Monaco’s royals could backfire

Prince Albert of Monaco is embroiled in a lengthy legal battle over charges of misbehaviour in his wealthy Mediterranean kingdom.

The royal recently fired his long-serving advisor, Claude Palmero, after an anonymous website accused the principality of corruption.

Despite its small population of 37,000, the principality is widely known for its high concentration of wealth.

The scandal has resulted in a number of legal cases and even a criminal inquiry into allegations of corruption.

While Prince Albert’s own personal secrets are at risk of being revealed, a lawyer has suggested that revelations might lead to embarrassment for the prince who is known for having a turbulent love life.

READ MORE: Princess Charlene breaks silence on six-month health battle

Claude Palermo, who previously served as Albert’s asset and wealth manager and was initially hired by his father, Prince Rainier, the widower of Grace Kelly, is at the heart of the scandal.

Palermo was sometimes referred to as Albert’s éminence grise, and he was well-versed in the lucrative property deals in Monaco, a tax haven where property values per square foot are more than double those in Manhattan.

The Palermo saga began with an anonymous Substack publication named “Les Dossiers du Rocher”.

Monaco is also known as “Le Rocher,” which translates as “The Rock”.

Don’t miss…
Harry to break cover next month as his appearance at sporting event confirmed[ROYALS]
Meghan Markle and Prince Harry must ‘change direction’ as career paths ‘murky'[INSIGHT]
Sussexes ‘not expected’ at Balmoral as pair didn’t receive personal invite[REPORT]

Over two years ago, this blog began publishing damning documents and emails, mostly aimed at the “G4” or “Gang of Four,” a group of senior courtiers who, until recently, wielded significant power over economic and property activities in the principality.

Palermo was one of the “Gang of Four,” along with Albert’s 61-year-old chief of staff Laurent Anselmi, 63-year-old personal lawyer Thierry Lacoste, and Didier Linotte, 75-year-old president of Monaco’s supreme court.

According to the Times, Albert has chosen to “publicly distance himself” from the latter two persons rather than dismiss them.

During the first two years of the blog’s existence, Albert, who was also dealing with marital breakdown rumours, stood by the G4. However, he appears to have drifted away from them in recent weeks.

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Albert noted in an interview with the French newspaper Le Figaro, as reported by the Times: “If confidence evaporates you can no longer work together.”

He added: “When questions arise, you need to know how to change the people who surround you to find the right path again and to write a new page in your history.”

Albert also expressed concern about the detrimental impact of the Dossiers du Rocher charges on Monaco’s reputation.

Nevertheless, removing the G4 from his inner circle might exacerbate the scandal. Le Monde reported that Claude Palmero has become a powerful figure causing turmoil within the palace.

According to The Times, following police raids on his residences and workplaces in connection with the criminal corruption investigation, Palmero appeared displeased.

He expressed his irritation, stating that Albert’s interview with Le Figaro was a “regrettable echo of a recurrent campaign of denigration… feeding off false documents, malicious accusations and fallacious insinuations, I cannot let myself be slandered in this way.”

Le Monde reported that he is preparing to initiate a libel lawsuit against the prince. In addition, he has claimed that his dismissal was wrongful, characterizing it as arbitrary, defamatory, and unjustified.

Pierre-Olivier Sur, the lawyer representing Palermo, asserted that the files confiscated from his client’s residences and workplace during the recent police raids directly implicate Albert in the matter.

Sur underscored that the raid on Claude Palermo’s premises essentially amounts to a raid on the prince himself, as it has laid bare all of Albert’s personal and state secrets.

Source: Read Full Article