Paradise Papers | Prince Charles involved in latest leak

The Paradise papers saga goes on, as yet another person is implicated in the 13.4 million file leak.

The Prince of Wales’ private estate has reportedly invested millions of pounds in offshore funds and companies, including a Bermuda-registered business run by one of his best friends.

The Duchy of Cornwall’s decision to buy shares was regarded as highly sensitive and board members of the company, which invested in land to protect it from deforestation, were sworn to secrecy.

Documents revealed that the duchy was introduced to the company by its director, Hugh van Cutsem, a millionaire horse breeder who owned a 3,400 acre estate in Norfolk.

Hugh van Cutsem met Prince Charles during the 1960s, when they were both at Cambridge University.

Though there was no tax advantage to his estate, the decision to provide financial backing to a company run by such a close friend of Charles, as well as being sworn to secrecy regarding the estimated $100,000, undoubtedly raises questions for the duchy.

Financial advisers may also be asked if the duchy should have publicly declared the investment in a company that might have indirectly benefited from the impact of the prince’s longstanding support for conservation projects.

The duchy pointed to the prince’s track record on green issues and insisted he had “never chosen to speak out on a topic simply because of a company that the duchy may have invested in”.

The Prince did not have any “direct involvement in investment decisions,” it said.

Labour MP Margaret Hodge, however, said that the disclosures confirmed the need for more transparency.

“It seems clear to me that Prince Charles could not have known or understood the nature of the investment in his friend’s company,” she said.

“What is clear is that there should be proper transparency of all investments made by the Duchy of Cornwall, that the Prince of Wales should not be involved in investment decisions and that the Treasury should monitor the investments to ensure that the reputation and integrity of our royal family is protected.”

The Duchy of Cornwall is a private estate, established in 1337 by Edward III to provide independence to his son Prince Edward.

The duchy’s main purpose is to fund the “public, charitable and private activities of the Prince of Wales and his family”.