Prince Charles charity linked to Russian offshore network

The Prince’s Charities Foundation has confirmed it received money from the network but said the Prince of Wales had no knowledge of the activities

The Prince’s Charities Foundation, founded by Prince Charles, reportedly received thousands of pounds from an offshore company that is under investigation by prosecutors, a joint investigation by the BBC and The Guardian has suggested.

 

Moscow investment bank Troika Dialog is under international investigation for legitimately and illegitimately moving money in and out of Russia through its management of a number of offshore companies. The companies have also been linked to fraudulent activities.

Leaked bank data showed money from the network helped to restore stately home Dumfries House. According to the information seen by the publications, between 2009 and 2011, the foundation received three payments amounting to $202,000 (£153,000).

The money donated to the foundation came from a company called Quantus Division Ltd, registered in the British Virgin Islands and was revealed to be part of the network of 70 companies involved.

Between 2005 and 2011 more than €3.35bn was allegedly moved into the network of offshore companies managed by Troika Dialog and €3.5bn was moved out. The money was allegedly used fund the lifestyles of Russia’s elite, paying for football tickets, yachts and artwork.

The Prince of Wales and Ruben Vardanyan, former boss of the bank, are both said to have had no knowledge of the bank’s activities.

A spokesman for the charities said: “The charities apply robust due diligence processes in accordance with Charity Commission and Scottish Charity Regulator guidelines as well as legislation relating to money laundering, the Bribery Act, terrorism and political activity.

“The allegations made against these individuals have only emerged well after their involvement with the charities ceased in 2014 and, as such, could not have been considered at the time.”

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