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 benjamin.legg-prosser@t-online.de
Date: Fri, 18 Feb 2011 08:28:02 +0000
To: benjamin.legg-prosser@t-online.de; benjamin.legg-prosser@t-online.de
Subject: RE: File not= - Vincent Tchengui
Because you can construct a more negative analysis of the Icelandic situation:
&=bsp; He borrows money before crisis
<o:p>- &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
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t: ████████████ Sent from my BlackBerry® wireless device
=hr size=2 width="100%" align=center>
From: Be=jamin Wegg-Prosser <█████████████████████████████> <=span>
Date: <=span>Thu, 17 Feb 2011 17:50:27 +0000=/span>
To: </=pan>Peter Mandelson<██████████████████████████>; 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:
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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
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
- = 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;
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