Following the closure of Catamaran Ventures, the investment firm co-founded by UK Prime Minister Rishi Sunak and his wife, Akshata Murthy, the Labour Party has raised concerns about its impact on government-backed businesses and other companies with retained stakes. Akshata Murthy, an Indian-origin entrepreneur, became the majority shareholder in Catamaran Ventures after Sunak resigned as its director in 2015.
In a letter to Deputy Prime Minister Oliver Dowden, Pat McFadden, the Labour Party's national campaign coordinator, sought clarification on the consequences of Catamaran Ventures' closure on government-backed businesses and any outstanding tax payments to HMRC. McFadden emphasized the importance of transparency and accountability, echoing the Prime Minister's commitment to "integrity, professionalism, and accountability."
Reports from the previous year suggested that Catamaran Ventures held shares in Study Hall, an education startup that received a government grant. With the upcoming 2024 election, McFadden's inquiry appears to signal Labour's intention to address Akshata Murthy's wealth in their campaigning strategy.
McFadden denied seeking political gain, emphasizing the need to ensure proper declarations as Catamaran Ventures winds up. Akshata Murthy's spokesperson revealed a significant donation to ShareGift, an independent UK charity, following the firm's closure. Except for one company, all Catamaran Ventures' holdings have been transferred to ShareGift.
In a previous scrutiny, Sunak faced questions about his wife's shares in a childcare agency benefiting from a policy announced in the budget. Koru Kids, where Murthy was a shareholder, stood to gain from Chancellor Jeremy Hunt's scheme. Reports in October 2023 indicated that Murthy's earnings surpassed the combined parliamentary salaries of all Labour MPs.
The couple entered The Sunday Times Rich List in 2022 with a joint fortune of £730 million. Akshata Murthy's wealth, driven by her £430 million stake in her father Narayana Murthy's IT empire, reportedly exceeds that of King Charles III.
(With Agency Inputs)
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