Akshata Murty, the wife of UK Prime Minister Rishi Sunak, has opted to shut down her contentious start-up investment firm, Catamaran Ventures UK, as disclosed in the latest company filings, according to a report in The Times.
Catamaran Ventures UK, headquartered in London, was co-established by Akshata Murty and Rishi Sunak in 2013 and has drawn attention due to its links to publicly funded programs.
The company’s recent financial statements show that its investments were valued at £3.8 million ($4.6 million), up from £3.5 million ($4.2 million) in 2021. However, it also revealed that it owed Akshata Murty £4.6 million ($5.5 million), based on unaudited accounts for 2022.
Catamaran Ventures UK faced controversies regarding its association with government-funded initiatives. For instance, Study Hall, an edtech company with investment from Catamaran, received a government grant of £349,976 ($425,288) through Innovate UK, a state body. This raised concerns, with Labour leader Sir Keir Starmer suggesting a potential pattern of behavior concerning such grants.
Additionally, Mrs Wordsmith, an edtech start-up backed by Catamaran, collapsed within six months of receiving £650,000 ($789,880) from the taxpayer via the Future Fund, a pandemic funding scheme promoted by Rishi Sunak.
Likewise, The New Craftsmen, a Catamaran-supported furniture firm, and Digme Fitness, a fitness chain where Akshata Murty held a directorship and shares, faced challenges, with some receiving funding from the same scheme.
Akshata Murty, 43, is the daughter of NR Narayana Murthy, the Indian billionaire and Infosys co-founder. In 2021, Catamaran’s accounts revealed a loan from a related party to the company for £652,499 ($793,060), subsequently transferred to Akshata Murty on April 30, 2015, the same day Rishi Sunak resigned his directorship from the business. The accounts acknowledged that the loan had not been adequately disclosed in previous reports.
Rishi Sunak first declared Catamaran Ventures UK in the register of interests in 2019 when he assumed the role of chief secretary to the Treasury.
In addition to Catamaran Ventures UK, Akshata Murty’s investments outside the company have also generated controversy. Her direct shares in Koru Kids, a childcare firm, resulted in meetings with the children’s minister shortly before a budget announcement that could have benefited the company. The Prime Minister faced criticism for not properly disclosing his family’s financial interest in a firm with potential government policy implications, an oversight he described as “inadvertent” and apologized for.
Last year, it was revealed that Akshata Murty held “non-dom” tax status, a designation she later relinquished amid ongoing criticism.
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