Isn’t the (dormant) company that Swire owns with his Russian oligarch-serving pal Lord Barker set up to invest in “emerging markets”?
Wouldn’t it be super if profits MPs made while in Parliament had to go to their constituencies!
“The rest of Britain might be fretting about the impact of a no-deal Brexit, but leading Brexiteer Jacob Rees-Mogg is doing very nicely, thanks. An investigation by Channel 4’s Dispatches found that the Conservative MP could have earned up to £7,000,000 from Somerset Capital Managment, which invests in emerging markets such as China and Russsia. In the programme, one expert suggests that the fall in the value of the pound has helped to drive SCM’s profits – but Rees-Mogg dismissed such claims as ‘living in cloud cuckoo land’.
Rees-Mogg refused to disclose his earnings from the firm, of which he owns 15% and which he set up in 2007. Records show that its profits have doubled and it has paid £47m to members since the referendum. Rees-Mogg told Dispatches, ‘The amount that I received is not for public disclosure. I’m entitled to the same privacy in my affairs as anyone else in parliament is.
Mr Rees-Mogg declares in his House of Commons Register of Interests that he is paid £500 an hour for his work at SCM and takes home around £15,000 a month on top of his MPs salary. SCM invests in emerging markets like China and Russia and one expert said that the fall in the value of the pound since the referendum result has helped SCM’s profits. Rees-Mogg also rejected claims that SCM’s decision in the past year to open two new funds in Dublin rather than London had anything to with Brexit.
Our decision to do it predates Brexit,’ he told the programme. Dispatches also revealed how some hedge funds have built up huge bets against British business and hoping to make big profits if the economy hits the rocks after Brexit.
Dispatches reveals that the US investment firm Blackrock holds the most bets against British business totalling more than £1bn. The hedge fund run by leading Brexiteer Crispin Odey is betting almost £500m against British businesses. Odey made more than £200m on the night of the referendum by betting that the value of the pound would plummet.”