A man of confidence obeys and keeps his mouth shut. In fact, that's how you recognize him. But there's one iron rule: never repudiate him, let alone sully his honor because then he becomes a grenade with its pin pulled. That's exactly what Claude Palmero is today: a chartered accountant who has become the exclusive repository of embarrassing secrets for the Monegasque princely family, who in turn accuse him of alleged financial malfeasance.

But Palmero, administrator of the assets of Albert II, his wife and two sisters from 2005 to 2023, recorded everything in five precious notebooks, to which Le Monde had access: budgetary acrobatics but also the use, at the limits of legality, of hidden funds. For two decades, the right-hand man of His Serene Highness (HSH) was the indispensable intermediary for anyone wishing to approach him. He managed his numerous assets, often discreetly housed in Switzerland via Panamanian companies; created financial vehicles; and gave his opinion on numerous ongoing projects. There were also many secret "missions."

In early 2012, Albert II expressed to Palmero the need to rent an apartment in Monaco out of sight. In February 2012, the prince's jack of all trades set off on the hunt. And wrote it all down in his notebooks: "City apartment to be found for HSH. I saw two, but they weren't discreet enough." He reported back to the prince and transcribed his reply: "HSH wants me to keep going." He proceeded and found the gem: "Apartment: we found it at Beverly Palace. HSH should see it. I'll take it through Et. de Mer [for Etoile de Mer, one of the companies he set up in his own name so as not to expose the prince]. 4,500 euros rent." On March 16, 2012, Albert II paid a confidential visit and approved the deal. He now had a discreet pied-à-terre in the Principality.

Is this cause and effect? Palmero was soon entrusted with another confidential task: recovering compromising photos of Albert II. On July 17, 2012, he wrote in his journal: "Mission K. (photo + negatives), I followed the orders but again warn HSH that nothing is settled: She may have kept a set, have other negatives ... I gave the sum to G. [an intermediary] but she must be very careful using it or she will attract attention and leave between two police officers! And there'll be trouble. She'll sign a confidentiality agreement, but that's worthless!"

Once recovered, the photos were burned. The accountant's final remark reads: "HSH is happy with the outcome." Through his lawyer, Albert disputed the matter. "The prince never asked Mr. Palmero for any such thing – he doesn't approve of such processes – and, what's more, he was never aware of having been asked for any money in such circumstances," Jean-Michel Darrois told Le Monde.

You have 90% of this article left to read. The rest is for subscribers only.