Peter Mandelson gave trade concessions worth up to £50m a year to Russia's richest man who has entertained him on his superyacht. The encounter on the 238ft yacht, Queen K, in Corfu this summer was the latest in a series of social meetings between Mandelson and Oleg Deripaska -- known as the "king of aluminium" -- during the politician's term as European Union trade commissioner. In the past three years Mandelson twice acted to cut European aluminium import duties. Deripaska's company Rusal, the world's largest producer of aluminium, was one of the main beneficiaries. At the time of Mandelson's Corfu holiday his trade department was a few weeks into a fresh investigation into aluminium foil tariffs, which could have hit one of the Russian's companies.
Peter Mandelson gave trade concessions worth up to £50m a year to Russia's richest man who has entertained him on his superyacht.
The encounter on the 238ft yacht, Queen K, in Corfu this summer was the latest in a series of social meetings between Mandelson and Oleg Deripaska -- known as the "king of aluminium" -- during the politician's term as European Union trade commissioner.
In the past three years Mandelson twice acted to cut European aluminium import duties. Deripaska's company Rusal, the world's largest producer of aluminium, was one of the main beneficiaries.
At the time of Mandelson's Corfu holiday his trade department was a few weeks into a fresh investigation into aluminium foil tariffs, which could have hit one of the Russian's companies.
