In the last few months, things have been boiling in the small state of Monaco – the former accountant was chatting away and the dirty laundry was made public. Now Albert’s nephews are also in the eye of the storm.
Claude Palermo was the accountant of the Principality of Monaco and Prince Albert’s right-hand man for over twenty years. No matter whether Charlene ran out of pocket money and needed more or needed to maintain offshore accounts: Palermo was the man for finances.
But after two decades, the prince’s trusted person resigned from his service last year, but not without pocketing his notebooks. He gradually published excerpts from it and more and more bizarre details about the Grimaldis came to light: Now the prince’s nephews, Pierre and Andrea Casiraghi, are in the public eye.
The magazine “Bloomberg” says it got some insight and published another story from the Palermo notes. The two nephews are to be prosecuted for preferential treatment because their uncle, Prince Albert, is said to have given them preferential treatment in construction projects.
The brothers Pierre and Andrea Casiraghi took over their father’s business
Pierre and Andrea Casiraghi are the sons of Princess Caroline of Hanover, Albert’s sister. Their father died in a sports accident on a catamaran trip in 1990, when the two boys were just three and six years old. So their mother raised them alone with the help of the family, and the half-orphans then developed a close relationship with Prince Albert.
In 2009, Pierre Casiraghi surprised the public when he announced that he had become the majority shareholder of Engeco, a real estate company founded by his late father Stefano. Engeco received contracts from the Monegasque government to develop the country.
After a short time, his brother also got involved in the real estate business, and since then Prince Albert is said to have given them both preferential treatment. Even in the city state of Monaco, larger projects should be officially advertised and companies must apply for them.
An example: Towards the end of 2011, the Casiraghis bought an old bank building together with an Italian real estate group for over 100 million euros. Their plan was to build Monaco’s most exclusive apartment building, aimed at the principality’s wealthiest clientele. But before construction could begin, the Casiraghis needed the support of Albert and his government because another owner complained about the possible obstruction of visibility from their planned building. Albert intervened and offered the entrepreneur benefits on other projects if he withdrew his lawsuit. After their rival gave in, the Casiraghis needed an exception to building rules to approve the height of their building. Prince Albert granted the exception and the new house was three times as tall as the original bank building.
Prince Albert was warned about his accountant
“Bloomberg” wrote from Palermo’s notes: “The strategy has paid off. The entrepreneur has withdrawn his complaint and is leaving the field to Pierre and Andrea.” The prince was “very happy with the result,” the accountant added to his notes.
But this is just one example; the notes show that Prince Albert is said to have regularly given preferential treatment to his nephews Pierre and Andrea Casiraghi when awarding construction and real estate contracts. Palermo also wrote that he had already warned the prince that the behavior could lead to problems: “Your construction business will cause problems. Pierre Casiraghi is very ambitious and says he wants to win a lot of contracts – we have to talk to him. Carefully .”
The noose is now tightening, and the criminal investigation into the “favoring” allegation has spanned a year-long investigation based on hundreds of previously unpublished documents. This showed that Albert’s government had regularly intervened on behalf of the Casiraghis over a period of 15 years.
Apparently the two brothers are already looking for a new base. It is said that they are working on a film series about Monaco. They took inspiration from the extensive palace archives, which contain a wealth of unknown stories. The first film will focus on the original and first Grimaldi, who conquered the Rock of Monaco seven centuries ago, when the city-state was still entirely undeveloped.
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Source: Stern
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
