Prince Andrew sought £2.5bn with help from alleged spy

Prince Andrew sought secret advice from senior Chinese Communist officials as he tried to raise £2.5billion for his company, documents have revealed.

The duke planned to “leverage the role of the royal family” to raise the money for his now-aborted Pitch@Palace entrepreneurs’ scheme in China, according to The Times.

It comes after Andrew’s close confidant Yang Tengbo was removed from the UK on national security grounds after it was alleged he was a Chinese spy.

Documents found on Mr Yang’s phone included a crib sheet for a planned call between Yang and the duke. According to The Times, it says that China’s ambassador to London, Zheng Zeguang, regarded Andrew as a “valuable communication channel”.

Other documents retrieved from Mr Yang’s phone showed that Andrew allegedly wanted advice from Jiang Jianguo, a minister of China’s State Council Information Office, in 2019.

Alistair Michie, secretary-general of the British East Asia Council, told the minister that Andrew wanted to organise a conference for world leaders in China.

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“I know that HRH the Duke of York will value your private thinking. In turn, that will help him formulate his plans and so enable a consensus to be reached,” he wrote.

“When I am in London I can privately and informally get the view of HRH the Duke of York,” he added.

Pitch@Palace was a Dragons’ Den-type mentoring network set up by Andrew designed to connect start-up firms, often in the technology sector, with potential investors.

The Chinese-arm of the fund intended to establish a “golden triangle of friendship among the Duke of York, Middle Eastern nations and China” and was overseen by Mr Yang.

“The foundation will rely on the traditional friendly relationships of the British royal family with certain countries to foster friendships and mutual trust between these parties and Chinese partners,” the document said.

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“The royal family, being above party politics and unaffected by election cycles, can pursue long-term visions and exert stable, enduring influence.”

Mr Yang, 50, was found with letters addressed to Beijing’s United Front Work Department – a shadowy arm of the Chinese Communist Party (CCP) tasked with gaining influence over foreign officials – after he was detained in 2021.

He is said to have used his high-profile connections to secure invitations to Buckingham Palace and other royal residences, with fresh reports alleging he also met two former prime ministers.

The Sunday Times claimed he met David Cameron at a Downing Street reception and Theresa May at a black-tie event, which took place over the last 15 years in his London office.

Mr Yang said he had “done nothing wrong or unlawful” and the “widespread description of me as a ‘spy’ is entirely untrue”.