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The BBC investigation reveals that Kazakh billionaire Timur Kulibayev, son-in-law of Kazakhstan’s former president and a key figure in the country’s oil and gas sector, used funds from Enviro Pacific Investments— a firm implicated by Italian prosecutors in a 2007 bribery scheme—to help purchase Sunninghill Park, a mansion formerly owned by Prince Andrew.
Key points from the investigation include:
– **The Purchase**: Kulibayev bought Sunninghill Park in Berkshire for £15 million in 2007, weeks after the last payments in the bribery scheme were made. He paid around £3 million above the asking price and about £7 million more than the estimated market value. The property was transferred via an offshore company, Unity Assets Corporation.
– **Background of the Buyer**: Kulibayev was one of the most powerful individuals in Kazakhstan’s oil industry, running the sovereign wealth fund Samruk-Kaznya. He is connected to Prince Andrew through Kazakh socialite Goga Ashkenazi, who has two children by Kulibayev and was an acquaintance of the prince.
– **Links to Corruption**: Italian court documents from 2016-2017 reveal that Enviro Pacific Investments received funds from a bribery scheme involving payments to Kazakh officials, including Kulibayev. An Italian oil executive pleaded guilty to bribing Kulibayev using companies such as Aventall. Kulibayev has not been charged with any wrongdoing and denies involvement in corruption, stating that the funds used were legitimate.
– **Concerns and Red Flags**: Experts on money laundering criticized the deal for having “blatant red flags” that should have prompted thorough checks. The former prince and his advisers have been questioned over whether proper due diligence was conducted to ensure the deal did not involve the proceeds of crime.
– **Official Roles and Secrecy**: At the time, Prince Andrew was the UK’s trade envoy to Kazakhstan and was fourth in line to the throne. Despite concerns about systemic corruption in Kazakhstan raised by UK officials, the buyer’s identity was undisclosed during the property transaction; there was no legal requirement to reveal offshore company owners at that time.
– **Lack of Response**: Prince Andrew has not responded directly to the BBC’s inquiry. In 2009, he defended the sale by saying he did not question the buyer’s offer or speculate on whether the price was inflated.
– **Historical Context of the Property**: Sunninghill Park was a 12-bedroom mansion gifted to Prince Andrew by the Queen in 1986. It was considered unattractive by many and difficult to sell, leading to Andrew’s personal efforts to find a buyer, including pitching it to Gulf royal buyers before a Kazakh buyer was found.
This investigation raises ongoing questions about the intersection of royal property deals, international corruption, and the adequacy of due diligence and transparency involving high-profile figures
Read the full article from The BBC here: Read More
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