As far back as 2008, I reported that corruption in the Principality of Monaco was not only rampant but went to the very top and had, by 2007, become completely out of control.
As intelligence chief to Prince Albert II, in 2006 I informed him directly of the widespread graft in his small country, including the scandalous activities of Palace accountant Claude Palmero in cahoots with the Prince’s personal lawyer, Paris-based Thierry Lacoste.
Instead of paying attention to an evolving crisis, Albert’s response was to shoot the messenger.
Special Investigation
Today Le Monde, the French daily newspaper, began a series of articles exposing dirty dealings in Monaco.
Their revelations are causing shockwaves throughout the principality.
Much of today’s story is based on Palmero’s personal diaries and, since he is the main source, somewhat self-serving.
“Palmero is a Rat”
But the truth is best stated by two senior officers of Monaco’s police department assigned to me: “Palmero is a rat.”
In fact, Claude was the most corrupt of all—and did his very best to obstruct the truth from reaching Albert’s ears.
The resulting scandals will not be contained to Monaco and French media.
There is much more to come out—and it shall reverberate globally.
An excerpt from Le Monde:
Monaco's prince claims that Palmero managed his assets with the utmost opacity, notably through a myriad of companies based in various tax havens, such as Panama and the British Virgin Islands. "On numerous occasions, and despite repeated requests, I have found it impossible to obtain a precise statement of the family's assets," said Albert II. "For example, in March 2023, when I wished to make a financial contribution to my former university, this was impossible, even though Claude Palmero had always assured me that he would take care of everything and that I should trust him, as my father had done with his [assets]."
The billionaire prince asserts that "the audit [he commissioned] revealed a catastrophic situation." He makes specific accusations: "Mr. Palmero had put all the assets of the princely family in his name. The princely family no longer owned its assets! Worse still, my sisters and I were only able to recover our entire estate after many months and legal proceedings. This refusal to return our assets is in total contradiction with the integrity and uprightness with which he drapes himself today."
The prince insists that the accountant seemed to have an extensive conception of his role at the palace. "Claude Palmero's prerogatives did not authorize him to speak on my behalf, which he did more and more regularly, even refusing, at times, to relay my decisions," deplores Albert II. "His duties demanded absolute discretion, which his public statements violated. They also demanded loyalty, which his latest unacceptable remarks have trampled underfoot. In separating myself from Mr. Palmero, I exercised the power to choose the asset manager of my choice. Events [since then] have confirmed how right that decision was."
Outraged that his former confidant should dare to challenge him both publicly and in court, Prince Albert concludes: "Mr. Palmero, perhaps believing himself to be administrator of the crown's assets for life, challenged my decision in court, attacking me personally and in insulting terms. His attacks on me and on the State and its institutions demonstrate his true nature and how little respect he actually has for the princely family and the principality."