London (November 8, 2017): The Paradise Papers have also revealed that Prince Charles secretly invested in an offshore company which may have benefited from his campaigning for environment.
The Duchy of Cornwall, the name of Charles’ private estate, bought shares in a Bermuda-registered business, the Paradise Papers also revealed. Prince Charles is also awarded the revenue from the offshore company.
In 2007, Charles reportedly had 50 shares in a company named Sustainable Forestry Management. It was bought for around $100,000 and later sold around 2008 for $325,000.
Company board members which invested in land to protect it from deforestation were sworn to secrecy at the time.
Hugh van Cutsem, a millionaire horse breeder and Cambridge University friend of the Prince was director. The share purchase would not give a tax advantage to the estate, but will prompt awkward questions for the Royal.
The Prince has a keen interest in the environment and called for new ways to support rain forests. It may now be implied the company he invested in could have indirectly benefited from his public speeches on the matter.