"Peter Mandelson's advisory company has revoked his voting rights and cut off dividend payments, after his firing as US ambassador amid email revelations about the extent of his relationship with the child sex offender Jeffrey Epstein. Global Counsel, which the Labour peer co-founded in 2010 alongside Benjamin Wegg-Prosser, has moved to alter the designation of Mandelson's shares in the business."
"Mandelson, who was a minister in Tony Blair's Labour government but was forced to resign twice, stepped back from Global Counsel after being appointed by the UK prime minister, Keir Starmer, as the ambassador to the US in December. In January, Mandelson entered into an agreement with Global Counsel to sell his stake in the business over time, having resigned as a director last May."
Global Counsel revoked Peter Mandelson's voting rights and cut off dividend payments by altering the designation of his shares, removing his ability to influence decisions or take gains. The firm is selling Mandelson's 21% stake, with Companies House filings indicating the sale process should conclude within two months. Mandelson stepped back from the business after his December appointment as UK ambassador to the US and agreed in January to sell his stake over time, having resigned as a director last May. Revelations about the extent of his relationship with Jeffrey Epstein, including emails and a photograph, prompted scrutiny. Global Counsel advises major firms such as JP Morgan, Barclays, OpenAI, Anglo American, Shein and TikTok.
Read at www.theguardian.com
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