LONDON -- An investigative report from British press said Sunday the Queen Elizabeth II's cousin, Prince Michael of Kent, was ready to use his imperial status for individual profit and also to seek favors from Russian President Vladimir Putin.

The undercover investigation by the Sunday Times and Channel 4 watched terrorists posing as shareholders of a bogus South Korean gold firm seeking contacts from the Kremlin to further its own business in Russia.

Prince Michael, 78, supposedly advised the reporters by Zoom he would offer their business his imperial endorsement in a recorded address to get a 200,000-fee. He added he was pleased to use his house in Kensington Palace as a background for its acceptance.

The royal business partner, Simon Reading, also allegedly told the bogus investors that Michael might be hired for 10,000 lbs ($14,000) per day to create"confidential" representations on behalf of this fictitious gold company, House of Haedong, to Putin.

"When he (Prince Michael) is representing the House of Haedonghe could cite to Putin and Putin could discover the appropriate individual who's interested in South Korea or curious in golden," Reading allegedly said. "It opens the door, you understand, which is really beneficial."

He proceeded to explain Michael as"Her Majesty's unofficial ambassador to Russia", which stress between the U.K. and Russia hasn't influenced his relationship with Putin.

The royal"makes his own living by means of a consultancy firm he has run for over 40 decades."

"Lord Reading is a fantastic buddy, who in attempting to assist, made ideas that Prince Michael wouldn't have desired, or managed, to meet," his office said.

Prince Michael and his wife, Princess Michael of Kent, are not working royals and get no public funds, however they're involved in certain public responsibilities such as representing the queen in some engagements. Michael has represented the queen in state funerals in India, Cyprus and Swaziland previously, according to the monarchy's site.

His biography stated Michael is linked to Russia by his maternal grandmother, also is the primary member of Britain's royal family to learn Russian.

Reading stated he regretted his"over-promise" in attempting to ease an introduction into Michael.