Prince was among at least five members of royal family who used Bank of England Nominees – set up in 1970s to prevent disclosure of queen’s investments

Prince Andrew held his shareholdings through a government-backed shell company that was created to conceal royal investments from public scrutiny.

The prince was among at least five members of the royal family who used the shell company Bank of England Nominees, which was set up in the 1970s to prevent the “embarrassing” public disclosure of Queen Elizabeth II’s investments.

Exclusive: Concerns were aired over Pitch@Palace contest win for banker linked to over £1m of payments to Duke of York

Fresh questions have been raised over Prince Andrew’s Dragons’ Den-style scheme after it emerged that concerns were raised over a contest winner who since been linked to more than £1m of payments received by the royal.

Selman Turk, a Turkish businessman, received an award in November 2019 from the Duke of York at a Pitch@Palace event during which 40 entrepreneurs gave rapid-fire pitches in a room full of potential investors.

Duke met man accused of fraud in high court months before receiving disputed payments, report claims

Prince Andrew had known an alleged fraudster for at least six months before receiving more than £1m in disputed payments from the man, it has been reported.

The Duke of York was introduced to Selman Turk via a mutual contact, Tarek Kaituni, a Libyan-born convicted gun smuggler, in May or June 2019 at Windsor Castle, and held subsequent meetings, the Sunday Telegraph reports.

Entrepreneur Selman Turk is being sued by a Turkish millionairess, in a case involving a payment to the Duke of York

When the Turkish entrepreneur Selman Turk launched a new digital bank three years ago, he was entering a crowded market of online start-ups hoping to grab business from the traditional banks.

It seemed there was little to distinguish the new London-based venture, Heyman A, from a host of other contenders. It had a rudimentary website, meagre funding compared to some of its digital rivals and no banking licence. “We are building a good bank for good people,” said its website. A footnote added that it was “in the application process” to become a bank in the UK.

Report follows Turkish millionaire’s claim in high court that her financial adviser said cash was for help with passport application

One of the Duke of York’s senior aides told bankers that a now disputed cash payment to the prince was for his daughter Princess Beatrice’s wedding, it has been reported.

In 2019, Andrew received £750,000 from Nebahat Isbilen, a Turkish millionaire and wife of a former leading politician, who has claimed in the high court that she was told by her financial adviser Selman Turk to pay the sum to the prince in return for assistance with a passport application. It was later claimed in court documents that this was a false representation.

Analysis: Duke’s tarnished reputation after Virginia Giuffre settlement leaves him with few options, say experts

The price that Prince Andrew will pay for settling the Virginia Giuffre civil lawsuit will go far beyond the reported millions it has cost him financially.

As he celebrates his 62nd birthday on Saturday, the duke will undoubtedly contemplate what a future without the red carpet and royal trappings he has enjoyed since birth will actually look like.