Mandelson 'open' about Deripaska

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Lord Mandelson has insisted he has been "open" about his dealings with Russian tycoon Oleg Deripaska and did not face a conflict of interest at any stage.

The business secretary said he had not discussed any issues relevant to the billionaire's commercial interests when he met him as EU trade commissioner.

His involvement with Mr Deripaska was "different" to that of shadow chancellor George Osborne, he argued.

Mr Osborne has said he made a mistake by meeting Mr Deripaska in Corfu.

Mr Osborne has strongly denied allegations he tried to solicit a £50,000 donation for the Conservative Party from the tycoon during a visit to his yacht in August.

But he has admitted the meeting and the circumstances surrounding it "did not look very good" and he has foresworn any future direct involvement in fundraising for the party.

It is simply not possible for me as a commissioner in these circumstances to do favours for any individual and I would not even dream of trying even if I could Lord Mandelson

The Conservatives are pressing Lord Mandelson, who also visited the tycoon's yacht, to give details of all his meetings with Mr Deripaska, an aluminium magnate, when he was the EU's trade chief.

They are urging him to disclose information about any hospitality he received from the businessmen in the House of Lords' register of members interests.

Lord Mandelson, who is on a visit to the Gulf with the prime minister, said he would declare his interests "fully and faithfully" to the House of Lords later this week.

'No favours'

However, he denied that he needed to take any "further action" to explain his conduct in his meetings with Mr Deripaska since 2004.

"I think I have been very open," he told the BBC.

"The question is not how many times I talk to somebody but what happens in the conversations.

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"In these conversations with this gentleman, there was no discussion of EU trade business, no discussion about tariffs or anti-dumping duties."

He added: "It is simply not possible for me as a commissioner in these circumstances to do favours for any individual and I would not even dream of trying even if I could."

The Electoral Commission and the Parliamentary Standards Commissioner have rejected calls from Lib Dem and Labour MPs to investigate Mr Osborne's conduct, saying there was no evidence he committed any offence.

Lord Mandelson, whose conversation with George Osborne in a restaurant in Corfu sparked a fierce political row, said he did not accept he had made any errors of judgement.

"The difference between George Osborne and myself is that... in my case, no business was discussed, no favours were offered and no favours were sought.

"I had no discussions of any business at all during those discussions, therefore no impropriety and no conflict of interest arose."