Lord Feldman: George Osborne and I 'did not solicit donation' from Russian oligarch I explained clearly to Mr Rothschild that there are very strict rules on donations to political parties in the UK. I further explained that there are only two ways of giving a political donation. First, if you appear as an individual on the UK electoral roll. Secondly, if the donation comes from a legitimate UK trading company. Lord Feldman said Mr Rothschild said that Mr Deripaska owned UK trading companies including Leyland DAF. At no point did Mr Osborne or I solicit or ask for a donation, suggest ways of channelling a donation or express any wish to meet with Mr Deripaska to discuss donations. He said that, 20 minutes after that, Mr Rothschild invited him, Mr Osborne and another guest for a further drink on Mr Deripaska's yacht, which was moored nearby. We stayed on the boat for about an hour and drank tea. Mr Deripaska took us on a tour of his boat. There was a discussion about British and Russian politics, education and Russian history. There was no conversation or mention of party funding or the possibility of Mr Deripaska making a donation to the Conservative Party. Lord Feldman said he then drove straight to his villa where he had dinner with his family and guests before packing to leave early next morning for London. I did not see Mr Deripaska again and had no further conversations with Mr Deripaska. In fact, I have not seen or heard from him since. He said that, three weeks later, in September 2008, Mr Rothschild suggested the possibility of him hosting a fund-raising dinner for the Conservative Party, something the Rothschild family had done before. At the end of that conversation, Mr Rothschild mentioned that Leyland DAF was interested in making a donation to the party. Lord Feldman said: "I said that I was not sure if such a donation was appropriate. I told Mr Rothschild that I would have to seek advice on the matter. Later that day it was decided after consultation with senior party officials that it would not be appropriate to accept such a donation. There was no further contact from Mr Rothschild or Mr Deripaska and I considered the matter to be at an end. The dinner never took place. I have never discussed with Mr Deripaska the possibility of him or his companies making a political donation. At no point did I solicit or attempt to solicit a donation from Mr Deripaska. Nor did I at any stage suggest any way that a donation could be channelled or concealed through a British company. The hearing was adjourned until tomorrow, when counsel for Associated Newspapers, which denies libel, and Mr Rothschild will make their closing speeches.