"But I think we've been as open as we could be with the issues you've raised".
Home Secretary Sajid Javid revealed on Monday before Mr Banks' appearance in front of the parliamentary Digital, Culture, Media and Sport Committee that his Russian links were being examined by ministers from two separate government departments.
Asked whether he would campaign again in the event of a second referendum, he said: "If I had my time again, I probably wouldn't have done this in the first place".
Banks initially replied: "A good lunch, and that's what I got", prompting Watling to ask if there were in fact "Many good lunches?" Banks told MPs that he went to meet the Russian because had been invited at the prompting of Wigmore, who also acted as a trade envoy for Belize.
Mr Banks admitted seeing the ambassador twice, and then the mines owner but declined to get involved after being advised it could be "problematic". It would be nice!
The British government said it was examining meetings between the Russian embassy and leading figures in the campaign to leave the European Union, even as one of those under scrutiny laughed off the claims as a full-scale witch hunt.
Banks and Wigmore also told MPs that they had passed a phone number for the Trump transition team to Yakovenko at another lunch they had with him in November 2016, a few days after their infamous visit to Trump Tower where they had met the then president-elect after waiting in the building for six hours.
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The report said Banks and Wigmore met with Yakovenko again for a cup of tea on November 17 at a meeting that also included mining magnate Siman Povarenkin to discuss a deal involving six gold mines in Russian Federation. He added: "I have no business in Russian Federation, I have done no business deals in Russian Federation".
On Friday, Banks had criticised members of the committee for being biased against Brexit, and pulled out of the hearing, before reversing that decision after the Sunday Times article.
But, accusing the MPs of being Remain voters trying to discredit Brexit, he said Leave.EU succeeded by "ruthlessly" focusing on immigration, which mattered to voters but not to Labour or the Conservatives, and by effectively using social media.
Banks was being questioned by a committee of lawmakers who are investigating his ties to Cambridge Analytica, the political consultancy at the centre of a scandal over the misuse of millions of Facebook users' data.
Arron Banks, one of the self-described "bad boys of Brexit", said he has no business interests in Russian Federation and there was no evidence of a conspiracy connected to Britain's vote to leave the European Union.
"If I was intent on hiding my involvement with the Russians, I did a pretty bad job of that", Banks said. I'm a businessman, why shouldn't I? I structure everything legally. "If you don't like the tax law in this country, get out and change it".
Before questioning had even begun, Wigmore challenged Damian Collins' right to chair the hearing, following reports on the Guido Fawkes website that the MP had received tickets to Stamford Bridge worth £1,000.