Prince Andrew, the ‘security risk’ financier and an £8 BILLION venture: After Chinese spy scandal, Duke now works with ex-Ambassador to Russia on Middle East fund

Prince Andrew is assisting a multi-billion-pound Middle East business venture with a former ambassador to Russia assessed as a ‘threat to national security’, it can be revealed.

Following revelations about the duke’s friendship with an alleged Chinese spy, it has emerged that Andrew is also working with an entrepreneur who was banned from entering a Commonwealth country owing to government concerns.

It is claimed that Andrew has been using his connections to make introductions in Bahrain, the UAE, China and Africa on behalf of Waterberg Stirling, an investment vehicle looking to raise $10 billion (£8 billion).

The firm’s vice-chairman, Oleg Firer, is Grenada’s former ambassador to Russia. He was banned from entering the Caribbean nation in 2023 on ‘national security grounds’, court documents show.

Waterberg Stirling is closely linked to China’s controversial Belt and Road Initiative – which involves Beijing building infrastructure projects in developing countries – and was described in a letter penned by the company chairman and obtained by the Mail as a ‘vehicle for HRH’s [Andrew’s] current and future engagement’.

Andrew and the firm claim the duke’s involvement is limited to passing on contacts he created as part of his Dragons’ Den-style Pitch@Palace programme, which he was forced to step away from because of the controversy surrounding his relationship with paedophile Jeffrey Epstein. 

However, the Mail can reveal that, in December, the duke had lunch with the Chinese ambassador to the UK requesting assistance with Waterberg Stirling’s investment interests in China.

The firm was described as a vehicle for Andrew’s business interests in a letter to the Chinese ambassador to the UAE the same month, just days before its Chinese ‘partner’, Yang Tengbo, was unmasked as an alleged spy. 

Prince Andrew (pictured at Windsor Castle) is assisting a multi-billion pound Middle East business venture with a former ambassador to Russia, it can be revealed

The Duke of York (pictured yesterday) has been using his connections to make introductions in Bahrain, the UAE, China and Africa on behalf of Waterberg Stirling

Oleg Firer (pictured), is Grenada’s former ambassador to Russia and was banned from entering the Caribbean nation on ‘national security grounds’

In response to questions, Mr Firer said he was ‘unsure’ why the company had been described as such.

Its chairman, Adnan Sawadi, who wrote the letter, then claimed it was done to ‘enhance their position’ and as part of a ‘sales pitch about the duke’ to encourage the ambassador to act on their behalf.

The company claims to enjoy ‘top-level support, endorsement, co-operation and alignment of governments and royal families across the world’. 

Mr Firer, a Soviet Union-born US citizen, previously served as Grenada’s ambassador to Russia as the Kremlin looked to solidify its footing close to US shores. 

He opened an embassy in Moscow and was suspected of advising wealthy Russians on how to obtain Grenadian citizenship by investment before they were blacklisted from the scheme in 2023 owing to the war in Ukraine.

That year, Mr Firer was banned from entering Grenada on arrival at the Caribbean island from London when he was deemed a ‘national security’ risk. He also surrendered his diplomatic passport.

Mr Firer appealed the decision, but in a ruling last year, a High Court judge sitting at the Eastern Caribbean Supreme Court found that he was ‘properly refused entry on national security grounds’. The ruling suggested that he was on a ‘watch-list’.

The incident is reminiscent of the case of Mr Yang, who in 2023 was barred from Britain on national security grounds.

Oleg Firer pictured with Russian President Vladimir Putin and Foreign Minister Sergei Lavrov

Prince Andrew’s (pictured) involvement in Waterberg Stirling may also explain how he expects to pay for the upkeep of the Royal Lodge estate in Windsor after being cut financially adrift by the King

It also raises serious questions about Andrew’s judgment – marking the second time in a matter of months that he has been connected to a figure deemed a risk to a Commonwealth nation as well as disclosing links to China and Russia. 

The disclosure that Mr Yang and Mr Firer were involved with the same company as the duke at the same time will also raise questions.

Andrew’s involvement in Waterberg Stirling – where he is said to operate ‘behind the scenes’ – may also finally explain how he expects to pay for the upkeep of the 30-room Royal Lodge estate in Windsor after King Charles financially cut him adrift.

A deal solely to pass on the contacts from his Pitch@Palace initiative to the Dutch company Startupbootcamp, of which Waterberg Stirling is a key stakeholder, could earn him millions, it is believed. 

However, the Mail understands the duke may have a closer role to the investment side of the vehicle thanks to his relationship with senior aide Dominic Hampshire, who sits on Waterberg Stirling’s board.

Waterberg Stirling – which has little public presence other than a website with scant information – is headquartered in Bahrain, though Mr Firer and Mr Sawadi are predominantly based in Dubai. The pair say they first met Andrew at his home at Windsor’s Royal Lodge last summer.

It is understood the group is looking to invest in start-ups, trade commodities including liquified natural gas and even open its own Bahrain-based bank.

It is also said to have partnered with a Chinese investment firm which is heavily involved in China’s Belt and Road Initiative. The initiative has been criticised because the regime can seize assets in the event of a debt default or exert influence over developing countries.

Chinese businessman and alleged spy Yang Tengbo (pictured, left with Andrew) was barred from Britain on national security grounds in 2023

The fund bears similarities to a $3 billion fund the duke was working on with Mr Yang. 

Indeed, sources say Mr Yang’s Hampton Group consultancy firm was ‘central’ to Waterberg Stirling’s dealings in China until he was cut adrift over his alleged spying.

In response to a series of questions, a spokesman for Prince 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 and territories’ were based ‘not on his royal status but on his former role as the founder of Pitch@Palace’.

Andrew admitted meeting the Chinese ambassador on the company’s behalf to ‘facilitate exploratory discussions being undertaken’ by the company.

The spokesman said the duke had no knowledge of national security concerns regarding Mr Firer.

Mr Firer said the decision to bar him from Grenada was because ‘the current government is adversarial toward me for reasons beyond my understanding’, adding that he had ‘not been presented with any accusations of wrongdoing’. 

He was awarded a partial victory in last year’s court hearing when the judge ruled that Grenada had ‘breached his right to procedural fairness’ and awarded him $50,000 (£40,000) damages.

Mr 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, he 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.’

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