The scandals that shake the Principality of Monaco – in the forums the secrets of Albert

In Monaco, where the international elite flock to demonstrate wealth and luxury, scandals are not unusual. No income tax on natural persons and obsessed with privacy, Monaco is an attraction for billionaires seeking to hide their possessions in common view.

In the dance of the scandals – a staircase of nature – members of the Grimaldi family who has ruled the Principality for over 700 years.

The latest scandal that broke out in 2023 with the leak of corruption in the leadership of the Principality continues to upset the dynasty.

The hackers had violated Thierry Lacost’s inbox – one of the lawyers of the Albert and an old family friend – bringing to light documents that were later presented as evidence of corruption inside the palace and involved his top advisers.

The prince had initially silenced it, supporting his narrow circle.

But when the French research program Complément d’E enquête promoted a revealing report on the leak, it changed tactical.

Albert has decided to dismiss his 20 -year -old manager, Claude Palmero, promising purification and many more trusted dynasty.

Palermo supervised not only Albert’s private property, but also the assets held by the crown, from top real estate to a wide range of collections -including cars, stamps, coins and artworks, as well as financial entries.

Albert, along with his sisters, sued Palermo, accusing him of infidelity and theft and then for forgery, use of fake documents and money laundering.

It was the first time in the history of the Grimaldi dynasty that a ruler filed a criminal lawsuit against a resident of Monaco.

In the forums

This move has opened Aeolos’ bag, as the leaks directly involved in Albert’s actions give and take.

For example, French newspapers published sections from the notebooks that Palermo kept meticulously – and seized by the police – for the private activities of Albert.

Financial support for Albert’s outside wedding or their mothers, the costs of Princess Charlene (formerly Olympian in swimming) and other family members employed the press and put the Governor of Monaco in a difficult position.

Palermo was interrogated last February by the beginning of Monaco for two days, in the context of a continuing survey conducted with discretion.

The interrogation involved Panama companies, Swiss bank accounts and the secret payments made to maintain the tumultuous privacy of Prince Albert, private.

According to the WSJ, which publishes extensive article, states that during the interrogation, it was not allowed for Palermo to use the toilet with no escort.

Palermo has denied the charges. Prosecutors again, while interrogating him many times, have not been charged with charges.

The defense of Palmero can be summarized hereinafter: All his activities were designed in the interest of the Prince, including the « cleansing of clutter » caused by Albert and other members of the royal family, who paid little attention to their finances and costs.

Millions of transfers

In February, for example, Palermo was asked about a transfer of about $ 15.9 million he made to a company called étoile de Mer.

Palermo referred the officer to a letter addressed to the Prince’s Law Team, explaining that the funds had finally reached a company used to cover expenditure associated with Nicole Coste, the former Air France stewardess with whom Albert maintained a relationship.

The prince « wanted the absolute confidentiality so that this situation would not be known to his wife, » the letter said, according to documents seen by the WSJ.

Police researchers also interrogated Palermo for a $ 795,000 transfer highlighted by auditors as « suspicious ». He described it as a refund for years of non -recorded expenses on behalf of the Prince himself, who were kept privately « for reasons of confidentiality » and for his own sense of duty and discretion.

Alberto and Charlene wedding

Charlene’s expenses and undeclared Philippine workers

At the heart of some of the revelations that have seen the light of publicity is Prince Albert’s wife, Princess Charlene. Palermo’s records describe uncontrolled expenses, transactions under the table and what Palermo described as a complete lack of supervision.

Her office was renovated at a cost of $ 1.1 million. Within eight years, Palermo wrote that he spent $ 17 million -despite the fact that he received only $ 8.5 million in official compensation.

« I have no control over the princess’s expenses, » Palmero said in December 2018.

He also employed employees without being recorded, including Philippine workers, one of whom had overcome the tourist visa five years.

He noted in 2021 that Charlene had more staff than any other royal face. Her brother, Sean Wittstock, received just over $ 1 million in payments for a home, despite the fact that he had no official role in the palace.

Ridicule

Palermo seems to have been annoyed several times during the interrogation, saying of his former boss: « Is it now pretending that for 22 years he knew nothing about the situation or conditions of management of his own assets?

It is the ruler of a state! Therefore, whether he lies to serve his own interests, or he will have to give up -because someone should not be allowed to manage anything! It’s completely ridiculous! « 

The connection of Palermo and the dynasty was very narrow and the unblocking time -consuming. With complete control of Albert’s property, shares in over 45 dynasty companies, and joint investments Palermo had tied his fate to the dynasty.

With armies by lawyers and advisers, the Grimaldi family has managed to gain control of almost all of her property by Palermo but the financial release has not been completed. Negotiations between the two sides continue.

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Jean-Michel Darrois, Albert’s lawyer, told WSJ Magazine that the prince would not comment on the details of the scandal and dispute with Palmeros. « Of course, this episode was difficult, » Darrois said. « It has made all the necessary decisions and measures to address issues, strengthen governance and ensure complete transparency. The issue is now in the hands of justice, in which he has complete confidence. His focus is now fully focused on the future of Monaco. « 

Palermo’s lawyers insist that the management of the family’s assets by himself was always only profitable. « The false indignation of the prince family – especially Prince Albert – who invented that their property manager for 22 years may have tried to take possession of their assets, is completely shocking, » they said.

For his part, Palermo insists that he will fight for as long as he needs to repair his honor, and has now appealed to the European Court of Human Rights, arguing that he is a victim and cannot have a fair trial in Monaco. He points out that Prince Albert is also officially head of the judiciary.

With information from Wall Street Journal