Prince Michael of Kent writes off £750,000 losses
|Prince and Princess Michael of Kent|
After years of reported losses, Prince and Princess Michael of Kent have finally decided to write off the debts of Cantium Services, the umbrella firm that handles their commercial activities. Telegraph online reports that according to Mandrake, Prince Michael, a cousin to Queen Elizabeth II, "has written off £750,000 in losses" of his firm. The company's capital was also reduced, from from one million shares, with a nominal value of £1 each, to 250,000. The couple owns the company's entire stocks.
Last financial year, Cantium Services posted a profit of £148,755. The company specializes in offering "international commercial advice." It was revealed by Company Check that as of the 2012 financial period, the company's net worth was valued at £455,189.
The Prince was hounded by intrigue when, last August, reports surfaced that Russian oligarch Boris Berezovsky has given the prince £320,000 in six years' time to finance the cost of maintaining the couple's household.
“The original donation came about because Mr Berezovsky has a high regard for the Prince, and, in particular, the work of the foundation which he set up in Russia in 2004 to promote heritage, culture and health,” said one of Prince Michael's close friends.
Prince and Princess Michael are the only members of the British Royal Family not to perform official duties, although they carry out their own activities in support of numerous charities. The couple does not receive Civil List payments, too. Since 2009, they have been paying £120,000 in rent for their five-bedroom apartment in Kensington Palace.
“Prince Michael is grateful that there was a positive outcome to last year’s trading," Prince Michael's spokesman told Telegraph.
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