Drunken hellraising in Oxford: how Osborne met Rothschild

George Osborne admitted this evening that he met a Russian billionaire four times in one weekend - but continued to deny that he solicited or received any donation from Oleg Deripaska.

Releasing what he said was a full, documented account of meetings between himself and Mr Deripaska on the island of Corfu following this morning's revelations in The Times, the Shadow Chancellor was unable to deny that the issue of how to make a donation was discussed, but emphasised none was asked for. It is illegal to receive donations from foreign nationals.

As he issued his statement tonight, clarifying he has met Mr Deripaska five times in total and four times in Corfu, Mr Osborne tried to turn attention back towards Lord Mandelson, the Business Secretary, urging him to release a similarly detailed account.

Mr Deripaska is Russia's richest man, with a personal fortune of several billion. In a letter to the newspaper today, the financier Nathaniel Rothschild said that Mr Osborne and Andrew Feldman, the Conservative chief executive, discussed a donation from Mr Deripaska for Tory coffers on board the Russian’s yacht, the Queen K.

"George Osborne has met Oleg Deripaska on five occasions, four of which happened over a weekend in Corfu in August, " claimed a statement attributed jointly to Mr Osborne and Mr Feldman.

The statement gives a detailed account of several of the meetings, on Mr Deripaska's yacht and at a party at a villa.

It goes into particular detail about the meeting at which Mr Osborne admits the issue of donations was discussed, on August 24.

"Mr Osborne, who had been staying in a rented house but was now staying at the Rothschild villa with his family, mentioned to Mr Rothschild that Andrew Feldman - who Mr Rothschild had met once before - was holidaying half an hour away with his family and friends," the statement claims.

"Mr Rothschild then invited Mr Feldman to join them for an early evening drink at the villa.

"This was a social invitation and at no point previously had Mr Osborne and Mr Rothschild discussed the possibility of a donation to the Conservative Party from Mr Deripaska.

"Mr Feldman, Mr Osborne, Mr Rothschild and two other house guests gathered on the villa terrace.

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