Prince Andrew is dealing with yet another public setback as the company handling his private investments, Urramoor Limited, which he had “significant control” over, is now in the process of being dissolved.
The firm, established in 2013 under the name HRH Andrew Inverness, has recently applied to be struck off. This is despite receiving a financial lifeline of £210,000 from an undisclosed benefactor in December 2023 that blacked out its debts of £208,000.
The Duke of York, who lost his UK trade envoy role due to his associations with convicted paedophile Jeffrey Epstein, watched the company fail to turn a profit during all nine account filings. Other documents show more than £230,000 taken from his entrepreneurial project, Pitch@Palace.
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Official records exposed a drop in held cash at the Dragons Den-style scheme, reports the Mirror, with a fall from £454,979 to £220,990 within the last financial year ending March 31.
This fresh problem for the prince comes after a Chinese spy, who was purported to have ties to Prince Andrew, has been barred entry to the UK amid concerns that he had compromised the country’s elite, including Andrew. Yang Tengbo, once codenamed “H6”, was revealed after the lifting of a High Court anonymity order to have probable connections to the United Front Work Department – a segment of the Chinese Communist Party known for international influence attempts.
The Sunday Times reported that Mr Yang had been invited by Andrew to Buckingham Palace twice, and also attended events at St James’s Palace and Windsor Palace. He was described in court as having established “an unusual degree of trust” with the Royal.
It is understood that Mr Yang met Lord Cameron at a Downing Street reception and Baroness May at a black-tie event, and kept the photos in his London office. There are concerns that Mr Yang, who founded lobbying firm Hampton Group International, used his access to high-profile British figures to promote China’s interests, which Beijing denies.
The Times found a letter on his phone from Dominic Hampshire, a senior adviser to Prince Andrew. It reportedly stated: “I hope it is clear to you where you sit with [the Duke] and indeed his family. “You should never underestimate the strength of that relationship… outside of his closest internal confidants, you sit at the very top of a tree that many people would like to be on.”
It is also claimed that the alleged spy was authorised to act on behalf of the Duke with potential investors for an international financial initiative.