Prince Andrew, the King's embattled younger brother, has once again found himself in the center of a financial storm. Court documents and regulatory findings have revealed that Andrew received tens of thousands of pounds from a British businessman tied to a wealth management firm that defrauded pension savers, raising renewed questions about the royal's opaque finances and judgment.
According to documents from the High Court in London, Prince Andrew was paid £60,500 by Adrian Gleave in December 2019. This payment came just weeks after Andrew's now-infamous appearance on BBC's Newsnight, an interview that ultimately forced him to step back from public life. The payment, and others routed through Gleave's company, Alphabet Capital Limited, have come under intense scrutiny, especially as Andrew no longer receives financial support from the King and his only declared income is a £20,000 naval pension.
The revelations emerged during a High Court case brought by Turkish millionaire Nebahat Isbilen. Isbilen claimed that money she entrusted to Andrew and his ex-wife, Sarah Ferguson, had been misappropriated by a business adviser. The funds were funneled through Alphabet Capital Limited, a British company owned by Gleave. An agreed statement of facts, signed by or on behalf of the Duke and Duchess, Gleave, and Alphabet Capital, stated that the company had “previously made, and might in the future make, substantial payments to HRH Prince Andrew the Duke of York.”
What raises eyebrows is the timing and background of these transactions. Adrian Gleave, 55, was previously head of business development at SVS Securities, a wealth management firm that collapsed in August 2019 after the Financial Conduct Authority (FCA) ordered it to cease regulated activities. The FCA found that SVS Securities had invested clients’ pension funds in high-risk bonds, often without their knowledge, to generate large commissions. Many of these investments defaulted, leaving pension savers with heavy losses. The FCA also discovered that clients were charged excessive withdrawal fees, further boosting company profits at the expense of ordinary investors. The Financial Services Compensation Scheme has since paid out more than £41 million to former SVS customers.
Gleave joined SVS Securities in 2013 and remained a registered director until late July 2019, just weeks before the FCA’s intervention. Unlike three other SVS directors—who were subsequently banned and fined by the FCA—Gleave was not among those penalized. Two of the banned directors are still appealing the decision. On LinkedIn, Gleave claims to have left SVS in November 2018, though official records show he was a director until mid-2019.
At the time of his dealings with Prince Andrew, Gleave also operated several caravan and mobile home parks across Northern Ireland and England. Ten of these parks have since gone into administration, and Gleave is now reportedly employed by a renewable energy company with a focus on AI and crypto financing. Despite repeated requests, neither Prince Andrew nor Adrian Gleave have explained the reason for the payments or the nature of any contractual relationship between them.
The money trail doesn’t end with Andrew. Court documents show that Gleave’s Alphabet Capital was also used to route payments from Isbilen to Sarah Ferguson. Ferguson received £50,000 from Alphabet Capital in February 2020, in addition to previous payments—over £20,000 for advisory work and more than £200,000 for her role as a brand ambassador for a US solar energy company. Their daughter, Princess Eugenie, also received £10,000 from Alphabet Capital and £15,000 from Isbilen’s business adviser. Eugenie described these sums as a gift from a “long-standing family friend” to pay for a surprise birthday party for her mother, Sarah.
Prince Andrew was separately given £750,000 directly by Ms Isbilen, a sum he has since repaid. Alphabet Capital, which initially filed accounts claiming to be dormant at the time of these transactions, later corrected its filings to show a turnover of just £80,000—an amount that seems modest given the scale of payments it was processing.
The lack of transparency surrounding these payments has not gone unnoticed. Baroness Margaret Hodge, a former chair of the Commons Public Accounts Committee, voiced concerns about Andrew’s financial dealings. "This is yet another instance where a dose of transparency would help answer legitimate questions about the origins of the money and the purpose of the payment," she said. "Without those answers any sceptical person would be worried that there might be some financial wrongdoing taking place and this would risk sullying the reputation of the Royal family." According to the BBC, these sentiments echo a growing public unease over the prince’s finances and the Royal Family’s handling of such controversies.
Andrew’s financial woes are compounded by his ongoing residency at the Royal Lodge, a sprawling 30-bedroom mansion in Windsor. Despite losing his £1 million annual royal allowance last year, Andrew has managed to maintain the property, though he has not paid rent for decades. The arrangement has fueled public and internal royal family pressure for him to leave the estate. Sources told The Sun that discussions are underway between Andrew and King Charles about vacating Royal Lodge, though Andrew holds a “cast iron” lease with 50 years remaining. If forced to move, he would be legally entitled to compensation.
Amid these pressures, Abu Dhabi’s ruler, Sheikh Mohamed bin Zayed Al Nahyan, has reportedly offered Andrew the use of a lavish palace in the United Arab Emirates. The gesture, described by sources as a show of gratitude for Andrew’s past kindness to UAE royals during his tenure as the UK’s international business envoy, provides the prince with a potential escape route should his position in the UK become untenable. The palace, located in a secure diplomatic area, boasts six en suite bedrooms, a gym, swimming pool, home cinema, and a team of live-in staff. “Abu Dhabi’s royal family have made it clear to Andrew that the palace is his if he wants it,” a source told The Sun. “It gives him an option should his position in the UK become untenable.”
Meanwhile, the Royal Lodge remains a symbol of Andrew’s lingering status, even as his reputation suffers from both the financial scandal and his long-standing association with convicted sex offender Jeffrey Epstein. The recent announcement that Andrew will relinquish his Duke of York title, coupled with the publication of his accuser Virginia Giuffre’s memoir, has only intensified calls for greater accountability and transparency within the royal ranks.
With mounting public scrutiny and questions left unanswered, the saga of Prince Andrew’s finances and business relationships remains far from resolved. The story has cast a long shadow over the Royal Family, reminding the public that the intersection of privilege, secrecy, and money can be as fraught for royals as it is for anyone else.
