I AM baffled by this po-faced nonsense about the flotation of Rosneft. The new Russia is a young country, and it is hardly surprising that there are the occasional lacunae in the deeds of possession.

I wonder how many of our most admired companies, if their origins were put under similar scrutiny, would emerge with a clean bill of health. TransNational Gas, where I have the privilege to serve as a non-executive, dates back to the Empire, and the misappropriation of Middle Eastern reserves.

Bloomberry’s, the retail chain where I struggle on as chairman, was founded on Victorian child labour, Central Bank on usury and Prudent Funds on some decidedly dicey insider dealing that today would be illegal. Not that one would rate the FSA’s chances of a successful prosecution.

We should be proud the Russians have chosen London, a market with a deserved reputation for probity and good regulation. They could so easily have gone to Paris, where few questions are asked.

It has emboldened Mikhail Zhukov, the Russian oligarch whose interests I look after here, to look again at the possibility of a flotation. His own background is decidedly murky, but frankly, if the stock market can hold its nose and stomach Rosneft . . .

TUESDAY

I have been following with interest the woes of Monstermob, which sells mobile phone ringtones. One would have thought it was difficult not to make a success of peddling trash to idiotic, fashion-obsessed teenagers — Sir Philip Green is one of our most successful businessmen, after all.

My own mobile phone venture, Moby2, is proving equally trying. It was, when we launched last year, the perfect synergistic operation. On the one hand, we sell a wide range of “adult content” to our teenage customers, with strict guarantees that its nature will be disguised in any bills that might be seen by their parents.

On the other, their mobile phone numbers are sold to third parties who might have an interest in contacting young people.

Alas, after several phones jammed because of the volume of incoming calls, a number of parents became aware of our business model and complained to the regulator. There is talk of shutting us down. It is a typically mean-spirited response to entrepreneurial flair and vision.

WEDNESDAY

My old friend Lord Browne is under pressure to put a few farthings the way of the Rosneft float, to demonstrate his good intentions towards the Russians. BP has done a remarkable job of rebranding itself as an ethical company, given the actual nature of its business.

But in my experience, when Mr Putin has decided on a course of action, resistance is useless, as I am sure John will appreciate. One cannot eat principles.

THURSDAY

At Moby2, the situation is critical. If we can just soldier on until this idiotic row with the regulator has died down, we have a chance. But our banks, embarrassed by the row that has blown up in the tabloid press — “Must We Fling This Filth At Our Kids?” — are insisting on pulling the plug.

I watch with interest the collapse of Eurotunnel. My own involvement in the project is not always appreciated — I was partly responsible for the initial financing. And several more after that. There is nothing like a vast infrastructure project lingering for decades at death’s door for generating lucrative fees.

But I digress. Various groups, lenders, bondholders, shareholders, are at it like cats and dogs over the unappetising corpse.

I am intrigued by this typically French concept of placing oneself under the protection of the courts. If things get tough, one merely tells all those tiresome creditors to go to hell. For, so far as I can deduce, an unlimited period. It certainly gives a beleaguered executive room to breathe.

Memo to self: It is entirely feasible that Moby2 has a French subsidiary. . .

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive