The enterprise capital fund has not cited any motive for the liquidation transfer
PRIME minister Rishi Sunak’s spouse Akshata Murty has determined to wind down her startup funding fund Catamaran Ventures UK.
“Administrators have determined to liquidate the corporate,” Catamaran mentioned in a submitting to the Firms Home on Wednesday (27), with out giving any particulars.
The transfer comes after it emerged that the training know-how enterprise Research Corridor during which Catamaran had a stake was given a authorities grant of £349,976 final 12 months.
Mrs Wordsmith, one other training agency backed by Catamaran, secured funding from the pandemic funding scheme Future Fund designed by Sunak. However Mrs Wordsmith collapsed months after it acquired the funding, owing £249,000 to HMRC.
Furnishings firm New Craftsmen, additionally backed by Catamaran, benefited from the fund however the agency collapsed in November final 12 months.
Nevertheless, there isn’t any suggestion that Sunak had any involvement in choosing beneficiaries of any authorities scheme.
However he was criticised in March for failing to declare his spouse’s shares in a childcare company known as Koru Children that was poised to profit from a pilot scheme proposed within the price range to incentivise individuals to develop into childminders. Parliament’s commissioner for requirements, nevertheless, mentioned the breach was inadvertent.
Murthy, who holds a 0.91 per cent stake in her father’s Indian software program firm Infosys, based Catamaran in 2013.
In accordance with its newest submitting, Catamaran’s funding worth as of December 2022 was £3.8 million, in comparison with £3.5m a 12 months in the past. However its money declined from near £400,000 to £21,890 in the course of the interval.
The prime minister’s workplace has not commented on Catamaran’s liquidation plan.
Murty held “non-dom” tax standing, which she gave up following criticism.