Monaco, the second-smallest country globally, is renowned for its luxurious casinos and tax haven status. Recently, the principality has been embroiled in controversy involving Prince Albert II and his former financial advisor, Claude Palmero.
From 2001 to 2023, Palmero managed the royal budget for Prince Albert, following in his father's footsteps. His responsibilities encompassed overseeing the family's financial affairs, properties, investments, and public image. Palmero's role extended to handling sensitive matters, such as "Mission K" in 2012, which allegedly involved paying off a woman with compromising photographs of the Prince.
On June 6, 2023, Prince Albert dismissed Palmero, ending their long-standing professional relationship. This decision came after allegations of corruption within Monaco's royal household surfaced on a website called Les Dossiers du Rocher in 2021.
Palmero, described as a serious and private individual, stands in stark contrast to Prince Albert. While the Prince is known for his public role and reported nervousness in interviews, Palmero preferred to remain out of the limelight despite his considerable influence over Monaco's finances.
In January 2024, excerpts from Palmero's notebooks were published in French newspapers, revealing alleged overspending by Princess Charlene and payments to Prince Albert's children from previous relationships. The notebooks claimed that Princess Charlene spent €15 million in her first eight years of marriage, exceeding her annual allowance of €1.5 million.
"From the moment Claude Palmero informed [the Prince] of such an overrun, he was instructed to have them fully covered by the family's private assets."
The controversy has led to a legal battle between Palmero and Prince Albert. Palmero has taken his case to the European Court of Human Rights, arguing that a fair hearing in Monaco is impossible. Meanwhile, on September 13, 2024, Palmero was questioned by Monaco police for four hours regarding a "breach of secrecy."
As the legal standoff continues, Prince Albert has made changes to his inner circle, appointing new judicial and security chiefs. Palmero, now working as a freelance financial consultant in Monaco, remains determined to "restore his honor" and potentially return to his position at the palace.
This ongoing saga has captivated the attention of Monaco's residents, who are accustomed to scandals in their small but wealthy nation. With the highest number of millionaires and billionaires per capita globally, Monaco continues to be a focal point for luxury and intrigue.