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Baroness Michelle Mone today said she has 'no wish to return to the Lords as a Conservative peer' in a letter to Tory leader Kemi Badenoch.
There have been calls for Baroness Mone to be stripped of her peerage over her role in a Covid contract scandal.
On Wednesday, PPE Medpro, a company linked to the lingerie tycoon, was ordered to pay back nearly £122million to the Government.
It was found to have breached a contract to supply surgical gowns during the pandemic.
Mrs Badenoch told the BBC on Thursday that Baroness Mone had brought 'embarrassment and shame' to the Tories and should have the 'book thrown at her'.
The disgraced businesswoman, dubbed 'Baroness Bra', currently has the Conservative whip suspended in the House of Lords.
She is facing demands to remove herself from Parliament entirely by relinquishing the peerage she was given by then-prime minister David Cameron in 2015.
In her letter to Mrs Badenoch on Friday, Baroness Mone said there 'seems to be a bit of amnesia' about her loss of the Tory whip, stating that she had 'removed it myself by taking a leave of absence'.
She added: 'However, you will be pleased to hear that once I do clear my name, I have no wish to return to the Lords as a Conservative peer.
'That's assuming there still is a Conservative Party before the next general election.'
Baroness Michelle Mone has said she has 'no wish to return to the Lords as a Conservative peer' in a letter to Tory leader Kemi Badenoch
Mrs Badenoch told the BBC on Thursday that Baroness Mone had brought 'embarrassment and shame' to the Tories and should have the 'book thrown at her'
Baroness Mone also said in the letter that she was 'shocked to the core' by Mrs Badenoch's 'inflammatory language on BBC Radio yesterday calling for me to resign from the House of Lords.'
She added: 'What is it exactly that I have done wrong? Do you know? If so, please enlighten me.'
Baroness Mone continued that Wednesday's High Court ruling 'was purely a contractual dispute' between PPE Medpro and the Department for Health and Social Care.
She also said: 'I have never received a penny from PPE Medpro.
'Reference to £29million being placed in a trust for me and my kids is a lie. It is a trust set up by my husband for the benefit of all our kids, not just mine.
'This is no different to how my husband manages all his business affairs. I have no entitlement to any of this money whatsoever.'
Baroness Mone said the previous Conservative government 'knew of my involvement from the outset and welcomed my assistance at a time of national emergency' and that she had not acted differently from other politicians who had referred companies.
She continued: 'So Kemi, my role was exactly the same as all other Conservative MPs and peers who were trying to help provide PPE.
'Like me, they would all have acted as liaisons and conduits between the company and the government and would have worked hard to ensure that contracts got over the line and through the red tape that was still present in obtaining contract awards at a time of national emergency.
'So, on the above basis, if I have done wrong then so have all the others in the VIP lane. In which case, you should be calling out for them to resign as well.
'That's if you manage to work out what it is they are supposed to have done wrong.'
On the eve of Wednesday's judgement, Baroness Mone tried to claim the DHSC court case against PPE Medpro showed the Government had a 'vendetta' against her.
Chancellor Rachel Reeves responded by laughing 'Too right, we do', before adding that she wanted the £122million back, and that the 53-year-old should keep out of the Lords.
Baroness Mone later sought sympathy in an extraordinary letter to Prime Minister Keir Starmer.
She wrote: 'I feel compelled to alert you to the dangerous and inflammatory statement made by your Chancellor of the Exchequer, Rachel Reeves.
'The statement was not directed at PPE Medpro as a corporate entity in civil litigation, but at me personally.
'It confirms that the machinery of the state is being deployed with the specific object of pursuing a vendetta against me, a private citizen and fellow parliamentarian.'
The disgraced peer said she had suffered a torrent of threats and abuse on social media since Ms Reeves' joke, and added, referring to two murdered MPs, 'we need only look at the tragedies of Jo Cox and Sir David Amess to understand the dangers of such reckless language'.
Saying her children had been smeared too, she referred to the television presenter Caroline Flack, who took her life while awaiting an assault trial, continuing 'I would like to remind you of the tragic case of Caroline Flack, which shows the fatal consequences of personalised public vilification'.
Baroness Mone claimed the 'orchestrated campaign of intimidation' against her was a breach of her human rights.
She and her husband are both under investigation by the National Crime Agency, and she also faces a Parliamentary investigation for personally pushing for the lucrative PPE contracts without making clear she stood to profit herself.
Baroness Mone and Doug Barrowman are said to have made more than £65million in profits providing the faulty gowns and other equipment.
But the order for repayment is against their firm, which is only worth a few hundred thousand.