Rishi Sunak is facing renewed controversy concerning potential conflicts of interest as he prepares to attend a G20 summit in India next month. The concerns stem from allegations that his family could profit from a post-Brexit trade deal he is currently negotiating with India, due to his wife Akshata Murty’s significant shareholding in the IT services giant Infosys, valued at nearly £500 million.
MPs and trade experts are raising alarm at the lack of “transparency” regarding Murty’s substantial financial stake in Infosys, a Bengaluru-based international IT company. This situation has prompted calls for Sunak to be more forthright about his wife’s financial interests, especially considering Infosys could potentially be a major beneficiary of any trade agreement. Some experts are even suggesting that Sunak should abstain from participating in the trade negotiations entirely.
Darren Jones
The Labour chair of the business and trade select committee, Darren Jones, asserted that Rishi Sunak should openly declare his wife’s financial ties in connection with the India trade deal, similar to the obligation for the prime minister to disclose interests.
Simultaneously, the resignation of former culture secretary Nadine Dorries, a vocal critic of the prime minister, has taken place amid this unfolding scenario.
During the upcoming G20 summit in New Delhi, it is anticipated that Sunak will engage in discussions with India’s Prime Minister, Narendra Modi, regarding the ongoing UK-India trade negotiations. While Trade Secretary Kemi Badenoch engaged in intensive talks regarding the potential deal during her visit to India, sensitivities surrounding Sunak’s involvement in the negotiations have prompted the Foreign Office (FCDO) to caution against a parliamentary committee trip to India to assess the trade deal situation. The FCDO has also indicated its inability to assist the committee in arranging meetings with Indian officials and business figures. Despite this, the committee is deliberating whether to proceed with the trip.
Infosys
Infosys, which has collaborated with the British government and UK companies, is keen on facilitating increased access for its contract workers to the UK through adjustments to the visa system. Expanding the visa quota for its workforce in sectors like IT and artificial intelligence is a pivotal request from India in the trade negotiations. On the other hand, the UK is aiming for tariff reductions on exports like Scotch whisky and automobiles in its dealings with India.
Notably, most of the substantial wealth owned by Murty and the Sunak family originates from Infosys, her family’s tech enterprise. The company, co-founded by Murty’s father Narayana Murthy in 1981, was valued at around £50 billion in May. According to estimations from the Sunday Times rich list, the holding should have generated approximately £54 million in dividends for the Sunak family over the preceding seven years.
This controversy follows the recent reprimand of the prime minister by the parliamentary standards watchdog for not adequately disclosing his wife’s shares in a childcare company linked to government policy changes. Although Sunak has since included the childcare company in the ministerial interests register, he has not publicly declared his wife’s 0.94% share in Infosys. Downing Street asserts that he is fulfilling the necessary declaration requirements to the relevant authorities, who, as per their standards, do not necessitate public disclosure.
