The controversy surrounding the Duke of York’s business dealings has now involved Princess Eugenie, who recently attended an event in Japan connected to her father and a suspected Chinese spy.
Despite not being an active member of the royal family, Eugenie made a public appearance in Tokyo where she participated in presenting awards to successful entrepreneurs benefiting from a partnership between Innovate Global and Startupbootcamp, a Dutch company.
Princess Eugenie has no business role in either company.
According to court documents, Innovate Global is a rebranded version of Pitch@Palace Global, Prince Andrew’s Dragons Den-style investment vehicle.
The Duke’s association with this business came under scrutiny after his infamous BBC Newsnight interview in 2019, where he was questioned about his ties to the convicted sex offender Jeffrey Epstein.
The Chinese arm of Pitch@Palace was run by Yang Tengbo, a 50-year-old Chinese businessman and former York University student, who has been barred from Britain on national security grounds amid concerns that he was an agent working for China’s United Front Work Department.
Yang appealed against the 2023 decision to ban him but it was upheld. In a 2023 witness statement released earlier this month as part of hundreds of documents related to the case, Yang described how the Pitch@Palace programme would be ‘resurrected’ under the name Innovate Global as a commercial venture for the duke.
He said events were due to be held in Japan, Malaysia, Thailand, the UAE and China.
Prince Andrew, Princess Beatrice and Princess Eugenie attend a National Service of Thanksgiving as part of the Queen’s 90th birthday celebrations at St Paul’s Cathedral in 2016
Princess Eugenie is seen leaving the Chiltern Firehouse with some friends last week
Prince Andrew was forced to step away from Innovate Global following his disastrous 2019 BBC Newsnight interview over his relationship with the paedophile Jeffrey Epstein
Andrew is in discussions with Startupbootcamp to sell his Pitch@Palace contacts in a deal which could earn him millions of pounds.
A video posted to social media from the Tokyo event shows Eugenie shaking hands with entrepreneurs as photographers take pictures.
It is claimed she was already in Japan on behalf of her gallery Hauser & Wirth, where she works as an associate director, and was asked to attend the event by one of the attendees and agreed to hand out an award.
In Japan, Andrew and Eugenie’s royal status still impresses, despite his reputation in Britain being largely tarnished. Likewise in other countries targeted by Innovate Global.
Yesterday, the Mail exclusively revealed that the duke has also been assisting an investment vehicle, Waterberg Stirling, which is a major stakeholder in Startupbootcamp and is looking to raise £8billion.
The duke has been using his royal contacts to make introductions for the company in areas including the UAE, Bahrain and Africa, it is claimed. He even spoke to the Chinese ambassador to Britain on the company’s behalf to assist with opportunities in the region.
Waterberg Stirling’s vice-chairman, Oleg Firer, is Grenada’s former ambassador to Russia. However he was expelled from the Caribbean island on national security grounds in 2023.
Documents seen by the Mail show that Yang’s Hampton Group consultancy firm was Waterberg Stirling’s ‘partner’ in China before he was unmasked as an alleged spy.
The involvement of the duke, Yang and Firer – named as alleged national security risks by two separate Commonwealth nations – in Waterberg Stirling at the same time has posed serious questions about the prince’s judgement.
Princess Eugenie and Prince Andrew stand on the balcony of Buckingham Palace during the annual Trooping the Colour Ceremony in 2013
Commenting on the Mail’s investigation, former Lib Dem minister Norman Baker, a critic of royal financing, said: ‘It is one disaster after another.
‘[Andrew] surrounds himself with unpleasant dictators, spies and others with dubious backgrounds
‘Further, the fact that Andrew is still living in that huge building [Royal Lodge] while negotiating with those who are seemingly trading on his royal reputation is a stain on the monarchy and a stain on this country.’
Mr Firer met with Andrew at Windsor’s Royal Lodge last summer to discuss the business.
In response to earlier questions, a spokesman for the duke said that Waterberg Stirling ‘is a stakeholder in Startupbootcamp and discussions have been limited to an interest in taking over the former Pitch@Palace Global network.’
The spokesman did not respond to a question regarding Princess Eugenie’s role at the Tokyo event.
Mr Firer said he has not been provided with the reasons behind his barring from Grenada, adding: ‘I believe the refusal of entry was someone’s personal prerogative without any legal basis attached to the matter.’
Yang denies the spying allegations.
