Lord Mandelson's corporate strategy consultancy, Global Counsel, collapsed in February with debts of £4.5 million, including more than half a million pounds owed to the taxman, it was revealed today.
Financial Collapse
The firm, set up by the disgraced peer in 2010, filed a 'statement of affairs' at Companies House showing its liabilities exceeded assets by £4,596,149. Among the creditors is HM Revenue and Customs, which is owed £645,000.
Epstein Scandal Fallout
Global Counsel went into administration on February 20, three days before Lord Mandelson was arrested by police over allegations he passed market-sensitive government information to the late convicted paedophile Jeffrey Epstein. The peer was sacked as Britain’s ambassador to the US last September, just minutes before the firm dismissed him as founder over fears of negative media coverage.
Lord Mandelson, a Labour grandee, had a 21% stake in Global Counsel worth around £6 million last year, but he is not listed among creditors. The firm counted TikTok and US tech company Palantir among its clients and had six offices worldwide.
Arrest and Denials
Lord Mandelson was arrested on suspicion of misconduct in public office and held for nine hours. He denies any wrongdoing, calling the police action based on 'complete fiction'. He remains on bail without charge.
