Lord Mandelson has asked us to make clear that he was not present at a party in Davos in January hosted by Nathaniel Rothschild and has not been involved in discussions about any investment in Montenegro. Mr Rothschild has separately informed us that he is a passive investor in the Porto Montenegro development, and has never spoken to Saif al-Islam or any members of the Gaddafi family about a possible investment in the project or Montenegro generally (report, “Mandelson and Gaddafi star in Rothschild high-finance drama”, August 29). On both counts, we are happy to set the record straight.