Prince Andrew, 'security risk' financier, works on £8B venture with ex-Russia Ambassador after Chinese spy scandal.
Prince Andrew is now involved in a multi-billion-pound Middle East investment venture alongside a former Russian ambassador, who is considered a national security threat. This comes after revelations about the Duke’s ties to a suspected Chinese spy, raising alarms over his involvement in international business dealings.
The investment vehicle, Waterberg Stirling, is aiming to raise $10 billion (£8 billion) and has been linked to China's Belt and Road Initiative, a controversial project where Beijing finances infrastructure development in other countries. Prince Andrew has reportedly used his extensive connections in Bahrain, the UAE, China, and Africa to assist in expanding the company’s reach.
Waterberg Stirling’s vice-chairman, Oleg Firer, has been at the center of controversy due to his past as Grenada's former ambassador to Russia. He was banned from entering the Caribbean nation in 2023 on national security grounds, as court documents reveal. Firer was also a prominent figure in Grenada’s citizenship by investment program before it was shut down amid the war in Ukraine.
Oleg Firer (pictured), Grenada’s ex-ambassador to Russia, was barred from entering the Caribbean country on 'national security grounds'.
While Andrew and the firm claim that the Duke’s involvement is limited to sharing contacts from his past Pitch@Palace initiative, concerns have been raised over the extent of his role in the company. In December, Andrew had a lunch meeting with the Chinese ambassador to the UK to discuss Waterberg Stirling’s investment interests in China, leading to questions about the Duke’s business connections with individuals linked to national security threats.
Firer, originally from the Soviet Union, was banned from entering Grenada in 2023 after his connections to Russia and controversial actions sparked concerns. His legal battle to overturn the ban was unsuccessful, as the Eastern Caribbean Supreme Court deemed the decision valid based on national security grounds.
This new development follows Prince Andrew’s previous connection to Yang Tengbo, a Chinese national who was accused of espionage and banned from entering the UK in 2023. The revelations about the Duke’s ties to figures like Firer and Yang raise significant concerns over his judgment and his ongoing connection to potentially dangerous business networks.
The Duke’s role in Waterberg Stirling, operating primarily behind the scenes, could also explain how he plans to fund the maintenance of his Windsor estate, Royal Lodge, after King Charles stopped financially supporting him. The firm is reportedly looking into investing in start-ups, trading liquified natural gas, and even creating a bank in Bahrain.
Chinese businessman and accused spy Yang Tengbo (pictured, left with Andrew) was banned from Britain on national security grounds in 2023.
Waterberg Stirling is in partnership with a Chinese investment firm heavily involved in the Belt and Road Initiative. This initiative, which allows China to build infrastructure in exchange for control of key assets in case of debt defaults, has faced scrutiny for enabling China to exert influence in developing nations. Prince Andrew’s prior involvement in a $3 billion fund with Yang Tengbo adds another layer of complexity to his financial dealings with figures linked to controversial projects.
A spokesperson for the Duke of York clarified that his involvement with Waterberg Stirling is focused on his former role with Pitch@Palace, a program that helps entrepreneurs. However, Andrew did meet with the Chinese ambassador to facilitate exploratory discussions with the company. The Duke denied any knowledge of Firer’s national security issues and stated that his connections with the company were limited to the Pitch@Palace network.
Despite Waterberg Stirling’s claims of having no financial arrangements with Prince Andrew, the company's connections to key figures and the Duke’s active role in its operations raise further questions about the potential implications for national security and the extent of his involvement in international business ventures.
In response to inquiries, Mr. Firer stated that he was unaware of any national security concerns regarding his past actions and explained that he had not been presented with accusations of wrongdoing.
