Prince Andrew In ANOTHER Disgraceful Episode

the disgraced prince andrew is back in the news this week and he's back in the news for teaming up with a disgraced banker who like andrew is accused of sexual abuse yes you could not make this story up um it was in the times this week they report that last summer prince andrew went into business with former coots banker harry kyo now kutz is a bank used by the very rich including the royal family and kyo has apparently worked as prince andrew's private banker for over 20 years however this is the important background kyo left kutz in 2018 amid claims of sexual harassment from numerous people very serious claims let's go to the description in the times of the issue they write at kutz he was accused of touching a woman's groin while demonstrating the sight of an injury his behavior was said to be so toxic that some female staff refused to work with him the private bank carried out an investigation in 2015 and the chief executive recommended he leave according to the wall street journal it was decided that he should stay but he was disciplined and eventually resigned in march 2018. now we should know a friend of kyo told the wall street journal that kyo denies the allegations though is unable to speak about the matter after signing a non-disclosure agreement with cootes now this is phenomenal isn't it prince andrew is someone who is currently you know he's trying to launder his reputation we saw him on on the bbc a couple of weeks ago we talked about it on the show talking about the death of his his father um he's saying i i should be able to come back into public life because whilst i hung around with with a pedophile a convicted pedophile whilst i hung around with him after he was convicted and whilst i am subject to allegations about sexual abuse of an underage um girl i should be allowed back into public life because you know i i don't know what his explanation is he still thinks that should be the case while he is trying to reestablish his reputation he goes and starts a firm a business with someone else who has had to leave their job because of very very widespread credible allegations of sexual abuse i mean what is this guy thinking the article has some defenses of all of it um none of them are very good but let's go through them so on the association with kyo the times explain that the source close to the duke said the allegations against kyo don't appear to have been subject to any investigation by law enforcement or independent third parties and nor have they been tested by a due process in a court of law so saying it's all fine um none of this was investigated by the police it was only investigated by his workplace where multiple people complained about sexual harassment and he ended up having to leave right um it's also similar to andrew's defense although one of the reasons he hasn't been questioned by law enforcement is because he's refusing to go over um to to america and which says a lot about his integrity and let's look at what the company does um which is i mean not not quite as shocking as both of their histories when it comes to sexual abuse but still unsavory um let's say the company what it was planning to do um was to be a vehicle to allow prince andrew to secretly invest his money ultimately it was supposed to serve as a trust fund for his daughters um some of the facts about this company as well as that he was teaming up with an alleged sexual harasser so first of all what it would be called the new venture is named lynn cells after the 18th century battle against the french in which the british were commanded by the duke of york now i love this because i mean it tells you so much about prince andrew's self-perception and the reality his self-perception is he is um someone who's leading troops into battle he is really significant guy who's sacrificing for his country and leading men when in reality what he's doing is setting up a very secretive company with a fellow alleged sexual harasser to looks like you know basically hide his money now i'm saying hide his money let's go on to the nature of this company the structure of this company because we are told it was set up as an unlimited company and this means that it is not required to file accounts with companies house or report its profits or income that's in fact why people set up these unlimited companies because they want to be um shrouded in secrecy and the flip side why you might say why doesn't everyone set up an unlimited company no one wants to be transparent the reason is there are some downsides which is that in a limited company which is a limited liability company if you get into lots of debt that that doesn't accrue to you personally if you're a director it accrues to the company so the company goes bankrupt that doesn't mean you necessarily will in an unlimited company if the company goes bankrupt you go bankrupt for some more details on what this means and what an unlimited company means we can go to ella leonard who is a corporate expert at the law firm fladgay and she told the times as the name suggests the shareholders of an unlimited company are liable if it cannot pay its debts should it have to be wound up the main benefits of an unlimited company are reduced disclosure obligations unlimited companies are usually exempt from delivering annual accounts to companies house and filing notifications that new shares have been issued as well as having some greater flexibility in returning invested cash to shareholders it is fair to say that we do not come across unlimited companies that often that often precisely because of the share shareholder liability point and so there must be a very specific reason for using one um it's worth noting david cameron currently embroiled in the green sales scandal also controls one of these secretive companies as does andrew mills who is a former government advisor um who last year brokered a ppe deal with the government worth 250 million pounds who are the people that govern us this is so depressing yeah i mean the question is why do we allow these things but we don't have that much of a choice do we i mean the whole point of being a royal is that you literally answer to no one um and nobody encapsulates that better than prince andrew and i actually looked this up so the monarch so in this case the queen can't actually ever be arrested or prosecuted for anything um because of sovereign immunity and no other uh member of the royal family can be arrested if they are in her presence or within the surroundings of a royal palace um in 2002 princess anne was fined 500 pounds and had to pay compensation to her family when her dog attacked a child and that's the first member of the royal family to ever plead guilty to a criminal offence now i know when it comes to this uh unlimited company we're not dealing with a criminal offense um it's terrible but it's legal but it kind of gives you an understanding of how this class operates right like it's essentially above the law it's and so you know why would he not engage in beneficial and lucrative behavior and make decisions that are bad form you know they all he risks is embarrassment and i think you know andrew andrew has proved himself immune to that um immune to feeling embarrassed or ashamed um so you know when we create a system of people who are by almost by definition unaccountable then we can't really act surprised when they behave in a messy way but once again we see this like embeddedness of shadow finance of shadow banking in the operation of our economic and political systems you know the whole point of this company that he set up is to be able to move money around to invest without any kind of public scrutiny without any scrutiny by regulatory bodies and that fits in that's an incredibly important part of our economy like that is an integral part of our economy um and it also fits into the role that britain plays in the world like a lot of the um you know this facilitating of offshoring of concealment of secrecy of of you know um of all of these these kind of things that have come to define actually the the majority of banking activity um you know they have their legacies in empire a lot of their territories that are still under british control places like the british virgin islands are offshore tax havens and a lot of global financial markets operate in that unregulated space which relies on secrecy informality untraceability so that that is the norm it's not the exception and i think you know can we even call it corruption when that is actually the backbone of how our economic system is set up when you look at the concept of an unlimited company the only person who's going to set up an unlimited company is someone who's rich enough to be liable um in the case of you know bankruptcy so it is literally a mechanism that is exclusively for only the very very very rich to be if to evade any kind of public scrutiny or transparency and so i think we actually miss a trick when we talk about this and i and i actually you know think the same thing about how we talk about tory chamocracy and you know even calling it corruption i think that you can't call something corruption when it is the embedded logic of the state and the economic system so i think we miss a trick actually when we act as if andrew in this particular case is doing something particularly egregious because actually this kind of behavior represents the majority of financial activity um so the question isn't why do we let it happen in the case of andrew the question is why do we let it happen at all i take your point it might not be particularly exceptionally egregious but i think he is exceptionally incompetent so i used the past tense in some of that the first part of that um segment because it turns out that after taking the reputational hit of setting up a company with an alleged sexual harasser um this firm it has never in fact channeled any of prince andrew's investments and this was a story in the telegraph which suggests that after making this very very secretive company with this very very dodgy guy and prince andrew was told this would be inappropriate and so it has never made any investments so he's taken this hit and it's flopped um so the telegraph right the duke was advised that while such ventures are fairly standard for ultra high net worth individuals they were not appropriate for a member of the royal family as such the company was abandoned and has never been used i suppose this is a guy who thought that a good defense was that he was eating at pizza express when he was asked um about a picture of him with an underage girl who had accused him of of sexual abuse so you know the fact that he starts a company without having for oh maybe look a bit dodgy if i do this and then having to shut it down before it do does anything is not particularly surprising um i do want to return to one thing in this tyrant's piece as well because it is worth pointing out this isn't the only project andrew has had to abandon now giving background to another man who was involved in the duke's unlimited company the times wrote linsell's sole director is dominic campshire the secretary of the quad centenary club which was set up to raise funds for the royal black keefe golf club in london and which counts the duke as its chairman hampshire who describes himself as a golf professional on compass house filings was also involved in the duke of york young champions trophy a golf tournament for under 18s which was axed after the epstein scandal the guy who ran prince andrew's secretive firm so he was the director prince andrew was a controller alongside this guy from kutz bank he was told he had to close it down because it looked back bad for the royals this same guy also ran a young champions trophy which had to be shut down after andrew was found to have close associations with a pedophile why would you keep entering into projects with this guy the first one you have to shut down because he's been hanging out with pedo and this is a competition for young people the second time you you agreed to be the director of this limited company unlimited company sorry which is going to be investing his money for his kids which then has to be shut down because prince andrew was such an idiot he didn't ask anyone who would tell him that actually if you're in this you know quite delicate constitutional arrangement where the royals are trying to retain their legitimacy you probably shouldn't set up secretive companies you know as if you're just any old international financier who wasn't paid for by the taxpayer why does anyone associate with this man he just comes back to he doesn't feel shame he doesn't feel embarrassment in fact i'm sure that prince andrew feels deeply victimized by this entire by by everything that has happened over the past several years he's thinking i'm just doing what everyone else does you know everyone else in my class and and i both mean that in terms of you know this kind of shadow financing shadow financing stuff i also mean it in the harassment of underage women like you know and thinking why am i the one who's getting the flack for this you know so i think that that it's a combination of being you know shielded from consequence by virtue of his position uh and that kind of creating delusion and creating his own sense of his own you know which we can see in the naming of his company but it's also a sense of i am sure that he has created this massive victim narrative for himself and that's what helps him sleep at night [Music] you

Channel: Novara Media

Views: 63,438

Rating: 4.9183221 out of 5

Keywords: socialism, politics, Novara Media, Novara, current affairs

Id: iKTR38K_bok

Length: 14min 4sec (844 seconds)

Published: Fri Apr 30 2021