Jacob Rees-Mogg in line for potential windfall from sale of Somerset Capital

Riding through London in the back of a Rolls-Royce in the early 1980s, 12-year-oldThe besuited youngster, who was already an ardent supporter of then-prime minister Margaret Thatcher, calmly explained to a French reporter that he had put his plans in motion five years earlier when he invested a £50 inheritance in the shares of utility firm GEC.

A sale could result in a multimillion pound payout for the business minister, who stopped receiving wages from the firm in 2019, but remains an equity-holding member. His shareholding is understood to be in the low teens, though this is information is not publicly available. In 2018, during inconclusive merger talks with a US firm, Somerset is believed to have been valued at between £70m and £100m.

Analysis of the firm’s investments, based on data provided by research agency Morningstar, shows holdings in major Chinese companies including Alibaba, and Tencent, which runs social media platform WeChat and holds stakes in Spotify, Tesla, Snapchat, Monzo and Reddit. The data also shows the firm holds small stakes in a handful of Russian firms including search engine Yandex, online recruitment company HeadHunter, and TCS Holding Group, which in turn owns the country’s second-largest credit card issuer, Tinkoff Bank.

I assume he's selling to Russian Oligarchs 😂.

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