Salim Zeghdar has been appointed as the new administrator of the assets of Monaco's Princely Family following the dismissal of Claude Palmero on June 6, 2023. In his first statements, Zeghdar described the urgent need to evaluate the Princely Family's wealth and outlined the strategies he has implemented to update the administration's financial oversight.

Zeghdar was brought in to serve as interim administrator by the Sovereign himself, who set forth specific objectives including a thorough accounting of the Princely Family's estates, financial accounts, and businesses connected to the Crown.

This marks a significant shift in administration, as the last comprehensive evaluation of the family's assets had not occurred since 2013.

Upon taking office, Zeghdar was immediately instructed to relinquish all other professional duties to focus exclusively on the administration of the Princely Family's assets.

He emphasizes that his approach involves surrounding himself with competent professionals in finance, law, and accounting to ensure detailed oversight of the family’s wealth.

Critical to his mandate, Zeghdar has engaged a Swiss auditing firm to assist in a forensic review of the financial history of the assets.

This was initiated after a comprehensive internal investigation revealed that a significant portion of the administrative operations had been centralized under Palmero.

This included a lack of proper financial reporting and inventory maintenance, with the last detailed assessment of the Crown's assets reportedly dating back to 2010.

Zeghdar pointed out that the previous administrator had not only failed to provide updated financial reports but had also allegedly withheld tax declarations related to the Princely Family's properties, prompting the new administrator to regularize these matters with French tax authorities.

This included paying back taxes and ensuring that family members comply with local laws regarding property ownership in France.

In response to criticism about the previous financial structure, Zeghdar has indicated that there is now enhanced transparency and governance within the administration.

Updates to the operational practices include regular meetings, written communications, and the establishment of a human resources department.

All data management has transitioned to digital systems, allowing real-time access to each member's financial status.

Under Zeghdar's stewardship, the administration has reportedly dismantled numerous offshore structures that were previously used to manage the family’s assets.

He noted that many of these entities served little purpose and created unnecessary complications for the family’s fiscal responsibilities.

As of now, most financial operations are conducted and reported directly from Monaco, aiming for complete compliance and openness.

Zeghdar has assured that there are no intentions to conceal the Princely Family's assets, highlighting the family's historical significance within Monaco.

He noted that despite some operational difficulties encountered during the transition, including legal scrutiny regarding the methods used for asset recovery, his team remains committed to upholding the law and properly managing the family’s wealth.

He described any negative perceptions of his methods as misrepresentations.

While he takes satisfaction in his new role, Zeghdar clarified that his tenure will depend on the continued confidence of the Princely Family.

In light of this restructuring, mechanisms have been put in place to ensure the stability of operations within the administration, regardless of personnel changes.