British Chancellor of the Exchequer and Narayan Murthy's son-in-law Rishi Sunak has come under fire for allegedly failing to disclose his wife Akshata Murthy's financial holdings. Askhata is the daughter of Infosys founder NR Narayana Murthy.
As per an investigation done by British newspaper The Guardian, Akshata's assets make her richer than Elizabeth II, the Queen of England. Sunak has been facing criticism as in the UK, all ministers are supposed to openly publish financial details of close family members.
The report states that Akshata reportedly owns shares worth British pound sterling (GBP) 480 million, which is roughly Rs 4,200 crore, in her father Narayana Murthy's tech company Infosys. On the other hand, Queen Elizabeth's personal wealth is around GBP 350 million, roughly Rs 3,400 crore.
Research by the Guardian shows that Murty and her family hold many other interests, including a GBP 900m-a-year joint venture with Amazon in India, 'through an investment vehicle owned by Murty’s father'.
Bound by the ministerial code, Sunak should have declared the financial interests of his wife that are 'relevant' to his responsibilities. However, the probe found that Sunak’s financial statements mention only his wife’s ownership of a small UK-based venture capital firm called Catamaran Ventures. Reportedly, Akshata also has undeclared stakes in six other UK firms and holdings apart from Infosys and Amazon India.
According to the Infosys annual report, Akshata Murty owns a 0.91% stake in the group; that stake is currently worth GBP 430m. Each year, her shares allow her to millions in dividends. Of all the family, only her brother, Rohan Murty, owns more of the company. The combined family holding is worth an estimated GBP 1.7bn.
Based on the report by the newspaper, calls are being made for the UK government ethics watchdog to investigate the allegations against Sunak.