This seems to happen when you convert a lead because Sugar updates every entry in the (contacts table) or something. Not entirely sure which tables are in play here to be honest, but the answer seems to simply be to go to admin->settings and set “vCal Updates Time Period” to 0 (zero).
Worked for one of our CRM Cambridge clients just now anyway 
There’s further explanation here: https://www.sugarcrm.com/forums/showthread.php?p=191467
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