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Spectacular payday: Jacob Rees-Mogg
Jacob Rees-Mogg is set to receive a huge payout after his company was placed into liquidation.
The former Conservative MP, who lost his seat at the last election, will share a £4.4m pot following the demise of his firm Somerset Capital, which he co-founded with Edward Robertson and Lord Johnson in 2007.
He is among 24 shareholders expected to recover money.
Somerset announced plans to close the business last December after St James’s Place, its main client, cut ties due to its poor performance.
Liquidators at James Cowper Kreston were appointed to handle the liquidation of the company last month and found it in good standing.
Somerset Capital has exited with a financial surplus of £4.4m and no debt, according to a solvency report filed at Companies House.
The surplus allowed Sir Jacob and his fellow shareholders to claim some of the remaining cash. A vote on 1 August decided that the sum of £4.4m would be divided “among the members” of the company.
The move marks the final act for Somerset Capital, a specialist emerging markets fund manager that had £7.6bn of assets under its management at its peak in 2018.
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