The vice-chairman of an £8 billion investment fund associated with the Duke of York was banned from a Commonwealth country on the grounds of “national security”.
Oleg Firer, who was born in the Soviet Union, became Grenada’s ambassador to Russia in 2019 but was banned from entering the Caribbean nation in 2023, court documents show.
He is now a senior figure at Waterberg Stirling, a Middle East business venture that, with the Dutch firm Startupbootcamp, is in the process of taking over the duke’s Pitch@Palace global network.
On Monday the exact nature of Andrew’s connection to the investor was called into question. A letter seen by the Daily Mail and written by Adnan Sawadi, Waterberg Stirling’s chairman, appeared to put the duke at the heart of its operation. In it Sawadi described Waterberg Stirling as a “vehicle for HRH’s [Andrew’s] current and future engagement”.
Sawadi claimed the reference to Andrew was made to “enhance [Waterberg Stirling’s] position” as part of a “sales pitch about the duke” to encourage the ambassador to act on its behalf. However, new details have emerged about how Andrew was helping the firm in its effort to raise £8 billion of investment.
In addition to the security concerns surrounding its vice-chairman, Waterberg Stirling’s business interests have also proved to be controversial.
Waterberg Stirling is linked to a China investment vehicle behind the country’s Belt and Road initiative. President Xi’s vast global infrastructure programme, designed to revive the ancient trading routes between Europe, Asia and Africa, is said to have an economic goal. China has also been accused of using the network for geopolitical means by leading poor countries into debt.
What role Andrew has played in this venture is not clear. However, in December the duke reportedly had lunch with the Chinese ambassador to the UK, requesting assistance with Waterberg Stirling’s investment interests in China, according to the Mail.
At about the same time as the lunch, Andrew was forced to issue a statement saying that he had “ceased all contact” with Yang Tengbo, an alleged Chinese spy who had been banned from the UK on security grounds. As well as trying to raise funds in China, Andrew had been using his connections to make introductions in Bahrain, the UAE and Africa on behalf of Waterberg Stirling.
The revelations about Andrew’s deals emerged in the context of the takeover of the duke’s Pitch@Palace, a platform to match entrepreneurs with investors, by Waterberg Stirling and Startupbootcamp.
Sawadi said: “Startupbootcamp executives are in negotiations to acquire the former Pitch@Palace network on a territory-by-territory basis, approved by Buckingham Palace. However, Waterberg Stirling categorically has no financial or commercial arrangement with the duke.”
Explaining why he described the company as a vehicle for the duke’s interests, Sawadi added: “The Chinese system operates through a top-down approach, and Waterberg Stirling understood that in order to enhance their position, they had to make their ‘sales pitch’ about the duke if they wanted the ambassador to act on their behalf.”
Firer served as Grenada’s ambassador to Russia when the Kremlin was hoping to secure a footing closer to the US. He was banned from entering Grenada after stepping off a flight from London in 2023. He was deemed a national security risk, Caribbean court papers claim. His lawyer, the former attorney-general Cajeton Hood, said no reason was given to him by immigration officials.
• https://www.thetimes.com/article/prince-andrew-pitch-palace-200k-withdrawn-99r7md9bs Half of cash withdrawn from Prince Andrew’s Pitch@Palace account
He appealed against the decision, but last year a Caribbean court ruled that he was “properly refused entry on national security grounds”.
While Andrew declares himself to be the controller of Pitch@Palace on Companies House, the shares were previously recorded as being owned by Amanda Thirsk, his former private secretary.
A spokesman for Andrew said his discussions with Waterberg Stirling were “limited to an interest in taking over the former Pitch@Palace Global network”. Any discussions with former Pitch partners were based not on his royal status but on his former role as the founder of Pitch@Palace, the spokesman added.
