Princess Crociani de Bourbon des Deux Siciles is set to appeal against a £2 million fine and orders imposed on her by Jersey’s highest court, in a hearing scheduled to start on 24 May.
The Monaco-based socialite, who starred in the TV show Inside Monaco: Playground of the Rich, and her family have also announced legal proceedings, which relate to the case, in London and Monaco against bank BNP Paribas.
The £2 million fine was imposed by the Royal Court in December after it took the view that the princess had ignored its orders to reveal the location of valuable assets owned by her mother, Edoarda, to help rebuild a disputed family trust called the Grant Trust.
The saga dates back ten years, with her sister Christiana having made claims against the trust, alleging that she was being excluded from the family wealth.
In 2017 BNP Jersey and Edoarda, who were both trustees and found guilty of breaches of trust, were instructed by the Royal Court to reconstruct the trust fund, estimated to be worth $130 million at one stage. BNP has incurred heavy costs doing so.
Last month, the Jersey Court of Appeal rejected an appeal from the princess for an ‘application of stay’ – a suspension of proceedings – in relation to the £2 million fine.
A statement released by the princess says: ‘The appeal hearing is scheduled to take place the week commencing 24 May 2021 and if successful, it will quash the decision of 22 December 2020 and the orders and fines made against the princess and in turn this will reverse any payments made by the princess to the court at the time.
‘To discharge the obligations of the orders of 22 December 2020, the princess has commenced a payment plan regarding the £2 million fine and made the relevant payment on account. She has made an application to formalise the payment plan which is due to be heard by the court soon. She is confident that she has strong grounds for the appeal and will be able to successfully reclaim these funds after the hearing in May.’
The statement adds that legal cases against BNP Paribas are under way in the UK’s Privy Council and the criminal courts of Monaco, with the princess seeking to claim damages of £60 million. The princess said: ‘This litigation emanates from a breach of trust by a professional trustee which had led to more than a decade of litigation. This has been a hugely stressful decade for my whole family and I am hoping justice will be done and monies returned to the family as well as damages paid by BNP Paribas to compensate for their breach of trust.
‘With regards to the forthcoming appeal in May, I am confident of my case and have exceptional legal advice in place and I believe justice will be done, given I was an innocent beneficiary.’
