EFTA01802583.pdf

From: Peter Mandelson Sent: Saturday, February 19, 2011 3:32 PM To: [email protected] Subject: Fw: File note - Vincent Tchenguiz Worth following email chain from beginning. Very interesting Ir=nian now in Park Lane. Lord Mandelson Chairman Global Counsel t: Sent from my BlackBerry. wireless device From: Benjamin Wegg-Prosser Date: Fri, 18 Feb 2011 08:28:02 +0000 Subject: : i e no = - incen c enguiz Because you can construct a more negative analysis of the Icelandic situation: &=bsp; He borrows money before crisis <= class=MsoListParagraph style=lext-indent:-18.0pt;mso-list:I1levell =foS'>- &nb=p; He can't pay it back because of crisis=/o:p> =span style='mso-list:Ignore5- He says that bank should never =ave lent it to him cos they were bust at the time - = Therefore he has no intention of paying it back. =nbsp; H= can also be portrayed as a "corporate raider". =/span> From: Peter Mandelson Sent: 17 February 2011 22:52 To: Benjamin Wegg-Prosser; =aree Glass; Geoffrey Norris Subject: Re: File note - Vincent Tch=nguiz Why is Iceland litigatio= a problem for us ? What are wider reputat issues ? <=.>Lord Mandelson Chairman EFTA_R1_00144890 EFTA01802583 Global Counsel t: Sent from my BlackBerry° wireless device =hr size=2 width="10O%" align=center> From: Be=jamin Wen-Prosser ‹ > <=span> Date: aspan>Thu, 17 Feb 2011 17:50:27 +0000=/span> To: 4=pan>Peter Mandelson<a; Maree Glass ; Geoffrey Nor=is< > Subject: File note - Vincent Tchenguiz =p class=MsoNormal> We met with Vincent Tchenguiz this morning followin= an introduction from Martin Armstrong. VT set out the background to his=business &n=sp; Property portfol=o (Commercial and residential). He explained how he had been some of=the first entrepreneurs to identify a way to securitise future cashflow fr=m real estate and make a margin on the different between what he needed to=borrow the property and "sell" on the rent. =nbsp; Technology portfolio. He has a wide ra=ge of investments in telecos, biotech firms, renewal energy =p class=MsoListParagraph style=ltext-indent:-18.0pt;mso-list:I2 levell=lfo2'>- &n=sp; Off-setting. A new business model which =eeks to acquire from major manufacturers the "off-set" obligat=ons from large contracts and then invest in new businesses focussing on ei=her technology or homeland security The discussion focussed on the opporrunities around off-setting with us discussing how the arrangement wo=ld work, the relationships that would need to be established between the d=fferent stakeholders and the wider public policy implications. If the appr=ach which they are developing could be scaled then there is no reason why =ajor manufacturers could not channel all of their future off-setting oblig=tions through this new structure which would provide capital for new proje=ts while reducing the obligations of the manufacturers. We discussed th= five key groups which needed to be influenced to ensure that the off-sett=ng project reached its full potential: government; homeland security indus=ry; green technology industry; major manufacturers (principally defence bu= also pharma, oil & gas and nuclear). We agreed that we would consid=r what role Global Counsel could play in supporting the process going forw=rd and agreed to send through a follow-up letter with some ideas: 2 EFTA_R1_00144891 EFTA01802584 Next steps 1) The idea is compelling, they do need support in bringing=stakeholders on board (govt, industry etc) and the project is so complicat=d they do need to simplify the communications 2) We=need to decide if we want to pursue things further with VT given his=on-going litigation v the Icelandic banks and the wider reputational issue= &nb=p; BWP will write a follow-up in his name that cou=d go to VT 4) = GN — do you have any views on V=? MG — please print and put into a file called Consensus Business =roup. &nbs=; Managing Partner &nbs=; 1 Knightsbridge Green, London SW1X 7NW<=span> =nbsp; 3 EFTA_R1_00144892 EFTA01802585