Akshata Murty: The spouse of UK Prime Minister Rishi Sunak, made headlines recently for reportedly utilising her non-domicile status to evade British tax officials and save millions of dollars in taxes.
In April 2022, the 42-year-old Indian-born and -national said that she would begin paying UK tax on “all worldwide income.” So what is the questionable global income and where does it originate?
Murty has three organisations listed on LinkedIn where she serves as a director: the gym chain Digme Fitness, the private equity and venture capital firm Catamaran Ventures, and the men’s clothing retailer New & Lingwood.
Net value
According to the Bloomberg Billionaires Index, Murty has a net worth of around $1.3 billion attributable to her ownership of Infosys, the software behemoth founded by her father. The stock of the Bangalore-based company has increased more than 2000% since Murty became a stakeholder for the first time in 2001, but it has struggled this year due to a general tech sell-off.
Murty said she is “very proud” of her 0.9 percent interest in Infosys because it is not just an investment but also a symbol of her father’s perseverance. The family business Infosys, according to The Guardian, has paid Murty profits totaling $54.5 million ($71 million) since 2015.
Notably, UK Prime Minister Sunak previously announced in the official parliamentary register that Murty is the owner of the private investment company Catamaran Ventures UK, but he has not disclosed the specific investments the company has made. When he was elected to the Parliament in 2015, he gave Murty his 50% ownership interest in the business.
Through Catamaran Ventures, Murty is said to have forged connections with some of the wealthiest families in the world.
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Hand in pies
According to her LinkedIn profile, Murty is currently a director for Catamaran Ventures, a director for Digme Fitness, a director for New & Lingwood, and a trustee for Claremont McKenna College.
She also claims to have attended the Stanford University Graduate School of Business.
Take a peek at the businesses below.
Catamaran Ventures
The primary investment company for Murty’s family is called Catamaran Ventures, and it is situated in Bangalore. It employs roughly 15 people in India and manages investments totaling more than $1 billion across e-sports, insurance, and Elon Musk’s Space Exploration Technologies Corp.
Murty has worked as a Director at Catamaran since May 2013, according to her LinkedIn page. She is the only shareholder and director of the British division.
She stated on LinkedIn that the Catamaran family offices are located in Bangalore and London. It concentrates on regional companies in the UK that require funding, management know-how, and network partners to expand strategically. According to her definition, one of the main priorities is international expansion.
Murty has direct ownership interests in at least six UK businesses through Catamaran, including Digme Fitness, Jamie’s Italian, Jamie’s Pizzeria, New & Lingwood, Soroco, and Wendy’s. She is additionally listed as a director for Digme Fitness and New & Lingwood.
Hugh Sloane, a British hedge fund manager whose company opened Wendy’s restaurants in India, is where Wendy’s made its investment.
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New & Lingwood
She has been as director of New & Lingwood since 2017, an outfitter for kids attending the illustrious Eton College in England, which is where Prime Minister Boris Johnson attended and charges annual tuition of roughly £45,000. In February, she gave up her position in the company. A New & Lingwood spokesperson declined to comment.
According to the company website, New & Lingwood is a British heritage brand with four physical locations—two in the UK and one each in New York and Marylebone. It has provided clothing for Eton College students since it was established in 1865 at Eton.
Digme
Murty also joined the board of directors of Digme in 2017, a London-based fitness business that filed for bankruptcy in February. As of February, Murty, who is still a director, retained a 4.4 percent share.
According to the corporate website, in addition to home programmes, it provides fitness programmes at studios in Bank, Covent Garden, Moorgate, and Richmond.
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