This is type of discreet VIP protection solution. It looks like a normal briefcase in the hands of security guards which makes it look like they are carrying official documents & files in them, camouflaging its actual purpose.
When the VIP comes under attack, the Security Guards (SPGs in this case) can quickly “unfold” the briefcase into 3 or 4 panels to form a layer of protection. The outer material of a ballistic briefcase is made up of bullet resistant material like Aramid, Kevlar or Dyneema which provides multi hit protection.
It is an ingenuous, unsuspecting but a quickly deployable system used for the protection of VIPs & VVIPs.