Speech at parliament - Did somebody just try to buy the British government?

So when an eminent member of the House of Lords stands up six hours into a debate and blows the gaff on a shadowy foreign Foundation making a bid to buy the British state, and this is recorded in Hansard, one tends to sit up and take notice. And one takes even more notice when His Lordship tip-toes around actually naming the Foundation in question, especially after the throw-away about money-laundering for the IRA on behalf of the Bank of England. Parliamentary privilege only stretches so far, it seems, and Foundation X is beyond its reach. I'm going to quote at length below the cut.
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Begins at "1 Nov 2010 : Column 1538"
Original speech at parliament