Global Counsel, the consultancy founded by Lord Mandelson in 2010, according to Daily Mail - News, went bankrupt with debts of £4.5 million, according to Daily Mail - News. The firm collapsed in February 2025 amid the Jeffrey Epstein scandal, and its 'statement of affairs' at Companies House showed debts exceeding assets by £4,596,149. Among the creditors was HMRC, owed £645,000.
The firm sacked Lord Mandelson in September 2024, minutes after he was fired as Britain's ambassador to Washington, according to Daily Mail - News. Directors of Global Counsel removed him fearing 'threat of negative media coverage' from their founder, an internal note revealed. Global Counsel went into administration on February 20, 2025, three days before Lord Mandelson was arrested by police, according to Daily Mail - News.
Lord Mandelson was arrested and questioned over allegations of passing market-sensitive government information to Jeffrey Epstein while serving as a minister, according to Daily Mail - News. He is on police bail and has not been charged with any offence. Global Counsel's clients included Chinese-owned TikTok and US tech firm Palantir, according to Daily Mail - News, and the firm had six offices worldwide, according to Daily Mail - News. At one stage last year, Lord Mandelson held a 21% stake in Global Counsel worth around £6 million, but he is not among the creditors owed money by the firm.
Lord Mandelson told friends police had been taken in by 'complete fiction', pointing out that he has been cooperating fully with the investigation.
According to Daily Mail - News, Lord Mandelson launched a furious attack on Scotland Yard for swooping on his home to detain him. Detectives had received intelligence that he presented a 'flight risk' and could flee abroad, according to Daily Mail - News. Lord Mandelson told friends police had been taken in by 'complete fiction', pointing out that he has been cooperating fully with the investigation. He has denied any criminal wrongdoing in his dealings with Epstein or acting for personal profit.
An internal review at Global Counsel revealed that a 'significant' number of Lord Mandelson's business emails have appeared to have vanished, according to reports. The firm launched the audit after ministers agreed this month to release tens of thousands of communications from his time as Britain's ambassador to Washington. A Chinese company with government links, WuXi AppTec, was the single largest client of Global Counsel, according to reports.
The full extent of the missing emails remains unclear, as does the specific evidence that led police to believe Lord Mandelson was a flight risk. The nature of his dealings with Epstein that led to the allegations has not been fully disclosed, and it is unknown whether he will face charges or for what specific offences. Questions also remain about the connection between WuXi AppTec and the Chinese government, and whether Lord Mandelson's role as ambassador created conflicts of interest.