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Philip Hammond’s Co Working with Saudi Arabia Distributes £600K Dividend

Increased Dividend Declared

Matrix Partners Ltd, the company established by former Chancellor Philip Hammond after his tenure in office, has revealed an enhanced dividend of £600,000, as suggested by its latest Companies House filings. This uptick comes after Matrix witnessed a robust performance attributed to its dealings with the private sector and notably, the Saudi government.

The financial documents indicate that Matrix Partners has amassed pre-tax profits amounting to a minimum of £2.5m since its inception in January 2020. Interestingly, while the company had initially proposed a dividend of £500,000 in the previous year, this figure was revised upwards to £600,000 for the fiscal year ending March 2023.

Hammond’s Role in Matrix Partners

Lord Hammond holds the majority stake in Matrix through his holding entity, Chiswell (Moorgate). Post his exit as an MP in November 2019, Hammond established Matrix Partners, receiving a peerage by September 2020. The company, which has a modest staff of two, has seen Hammond personally provide consultancy services to an array of clients. These include the Saudi finance ministry, various fintech companies, hotel magnate Surinder Arora, and global entities like Nomura and Davidson Kempner.

Diverse Consultancy Ventures

Hammond’s post-political career has been marked by a myriad of consultancy roles and shareholding ventures. As per the House of Lords register, he pocketed £274,525 advising Bahrain on fiscal and economic reforms in 2021-22 and earned an additional £6,250 from consultancy for Kuwait’s state investment arm. His involvement extends to leadership roles in companies such as Copper Technologies, a cryptocurrency entity.

Recent Controversies and Engagements

Recent reports by The Guardian unveiled a transaction where a Russian banker, under sanctions, sold over £15m of shares in Copper. While this move might have drawn attention from US sanctions bodies, Hammond was reportedly unaware of this transaction.

Additionally, Hammond’s affiliations have come under scrutiny by the Advisory Committee on Business Appointments (Acoba). In 2021, Acoba reprimanded him for leveraging his government connections to aid OakNorth, a banking firm. However, Hammond defended his actions as a pro bono effort during the Covid-19 pandemic to pinpoint vulnerable businesses.

Concluding Thoughts

Philip Hammond’s journey post-politics is indicative of the intricate web of business and governance. While his ventures have showcased a mix of success and scrutiny, they undeniably reflect the evolving dynamics of political figures transitioning to the private sector.

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