A FIRM founded by Peter Mandelson is set to go into administration in the wake of the Epstein scandal, staff have been told.
Chief executive Rebecca Park and chair Archie Norman reportedly told staff at Global Counsel that the could be folding as soon as Friday.
Mandelson is understood to have sought advice from Epstein in setting up the firm in 2010Credit: Ray Collins
Plain clothes police searched the disgraced Peer’s properties following the revelations about his links with EpsteinCredit: Darren Fletcher
Cops in plain clothes were spotted carrying boxes in and out of Mandelson’s London propertyCredit: Getty
Staff were informed that “the legacy” had led to the collapse, reports the Financial Times .
According to the publication Benjamin Wegg-Prosser, who founded the business with Mandelson, resigned from his role as chief executive last week.
Mandelson, 72, is understood to have sought advice from paedophile millionaire Jeffrey Epstein in setting up the advisory firm in 2010.
His partner Wegg-Prosser is also understood to have met the convicted sex offender.
The co-founder is believed to have shared the company’s business plan with Epstein while he was under house arrest in .
High profile clients reportedly abandoned the business after the revelations about Mandelson, Epstein and Wegg-Prosser came to light.
When Mandelson was appointed ambassador to the he stepped down from his role in the business but held onto a large stake in the firm.
The company has since stressed that Lord Mandelson no longer had any shareholding, role or association with the company and no influence over the firm.
Nevertheless, it is understood that the business continued to come under pressure from his legacy.
A senior figure at Global Counsel emphasised that the collapse was due to the historic links with Epstein.
It was stressed that this did not reflect on the work of the business’ employees.
The company employs more than 100 staff in Berlin, Brussels, London, Singapore, DC and Doha.
Following the release of the Epstein files dozens of large clients ended their relationship with the company.
Fintech Klarna, company Phoenix Group, Bank, private equity group KKR and all terminated their business with Global Counsel.
Cops raided Peter Mandelson’s house in London in a probe over misconduct in a public officeCredit: AFP
Sir Keir Starmer faced calls to quit over his appointment of Mandelson as US ambassadorCredit: AP
Telecoms group is reported to have put its contract with the firm under review.
The Premier League has also recently cut ties with the business, The Financial Times reports.
It comes after Peter Mandelson’s two were searched by cops probing intelligence leaks to his paedophile financier pal .
The Met launched a criminal into Mandelson after documents appeared to show him passing confidential information to Epstein while he was Business Secretary.
Lord Mandelson was also pictured in his underpants alongside a bathrobed female in the latest document dump.
The 72-year-old was removed from his role as US ambassador after his links to the paedophile financier were uncovered.
Mandelson was reportedly given a five-figure, taxpayer-funded severance payment worth tens of thousands of pounds when he was sacked from the job.
over his appointment of Mandelson as US ambassador.
The scandal eventually led to Sir Keir Starmer’s top aide Morgan McSweeney quitting following days of pressure.
The chief of staff, who is understood to have advised in favour of Mandelson’s appointment, fell on his sword amid demands for him to go from .
The Sun has contacted Global Counsel for comment.
The scandal eventually led to Sir Keir Starmer’s top aide Morgan McSweeney quitting following days of pressureCredit: Reuters
Eze Chidiebere Paul
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