Controversy mounts over shutdown of company owned by Rishi Sunak's wife

In a recent development, questions are being raised as Labour scrutinizes the closure of Catamaran Ventures UK, a start-up investment firm owned by Akshata Murty, wife of Prime Minister Rishi Sunak. The decision to wind up the company was officially filed in December, with a spokesperson for Ms. Murty confirming that the company's holdings would be transferred to the charity ShareGift. Labour's national campaign co-ordinator, Pat McFadden, has written to Deputy PM Oliver Dowden, seeking clarity on the implications of this closure.

Labour's concerns and queries
Labour has posed significant questions regarding the impact of Catamaran Ventures' closure on government-backed businesses, particularly mentioning Study Hall, an education start-up linked to the company that received substantial government grants. In a letter to Dowden, McFadden seeks details on the arrangement for tax payments to HMRC and whether all liabilities to the British taxpayer will be fulfilled. Emphasizing the need for transparency, McFadden calls for continued proper declaration of the prime minister and his wife's interests in the Register of Ministerial Interests.


Transferring holdings to charity
Amidst these inquiries, a spokesperson for Ms. Murty reassured that Catamaran Venture's holdings would be transferred to ShareGift, a charity specializing in receiving share donations. The spokesperson added, "Ms. Murty has shortlisted several charities focused on veterans' affairs and education for the ShareGift team to consider at the time of disbursement."

This move to close the company comes after previous scrutiny of Ms. Murty's non-dom status, allowing her to avoid UK tax on overseas earnings. Following criticism, she committed to paying UK tax on such income. The finances of the Sunak couple faced attention in the past, given Ms. Murty's substantial shares in Infosys, her father's company. Catamaran Ventures, established by the Sunaks in 2013, has been under the spotlight since Mr. Sunak became an MP in 2015 and his wife became the majority shareholder a year later.

With an upcoming election looming, Labour's decision to address this issue suggests a potential focal point for the campaign. However, McFadden denies any attempt to create political capital, emphasizing the importance of transparency as Catamaran Ventures concludes its operations.

FAQs:
Q1: What is the fate of Catamaran Ventures' holdings after its closure?
A1: The company's holdings are set to be transferred to ShareGift, a charity specializing in receiving share donations.

Q2: Why is Labour raising questions about the closure?
A2: Labour is seeking clarity on the impact of Catamaran Ventures' closure on government-backed businesses and the fulfillment of tax liabilities, emphasizing the need for transparency.