The review Panel, Tom Bathurst QC (sitting President), Catherine Brenner and Andrew Lumsden, affirmed but varied in part the decision of the initial Panel. The review Panel agreed with the initial Panel that associations exist between Mr Xie and Mr Premjit Roy, Auvex, shareholders that own a controlling parcel of Auvex shares and Mr James Smalley in relation to Mesa’s affairs. It varied the declaration. Given events since the initial Panel’s orders, it set aside the initial Panel’s orders.