UK PM Rishi Sunak’s Family Shares in Infosys Raise Transparency Concerns Over India Trade Deal
The UK’s Prime Minister, Rishi Sunak, is facing potential conflicts of interest in the ongoing negotiations for a post-Brexit trade deal between the UK and India. Concerns have been raised over the transparency of Sunak’s wife’s shares in Infosys, a prominent Indian IT company. Akshata Murty, Sunak’s wife and daughter of Infosys co-founder NR Narayana Murthy, holds shares in the company worth GBP 481.2 million, accounting for the majority of the Sunak family’s wealth.
Lawmakers and trade experts have expressed concerns regarding these transparency issues, particularly in relation to the possibility of Infosys benefiting from the free-trade agreement. The all-party House of Commons Business and Trade Select Committee has urged Sunak to provide more openness about his wife’s financial interests.
The potential conflict arises from Infosys’ existing contracts with the British government and various companies in the UK. In 2019, Infosys applied for 2,500 visas for the UK as part of its efforts to place its employees on outsourced IT contracts. The company is expected to push for improved access to the UK for its contract workers through modifications to the country’s visa policy. This aligns with a key demand from India for greater immigration access for its workers in the IT and AI sectors as part of the free-trade deal.
Darren Jones, the Labour chair of the business and trade select committee, emphasized the importance of proper declaration of interests and expects Sunak to do so regarding the India trade deal. Jones stated, As the prime minister recently learned, it’s important he declares any interests properly. I expect him to do so in respect of the India trade deal too.
Sunak is due to attend the G20 summit in New Delhi in September, where he will likely engage in bilateral talks with Indian Prime Minister Narendra Modi to discuss the free-trade deal. This summit provides an opportunity for Sunak to address the potential conflicts of interest and ensure transparency surrounding his wife’s financial holdings.
Notably, Sunak was recently found in breach of the British Parliament’s code of conduct for failing to declare his wife’s shares in a childcare firm that would receive additional funding from the government. Following this reprimand, he has since declared the investment in the company on the list of the minister’s interests. However, Sunak has not yet declared his wife’s holdings in Infosys on the ministerial interests register, according to The Guardian report.
The concerns raised regarding Sunak’s wife’s shares in Infosys highlight the need for transparency and the avoidance of conflicts of interest in the UK-India trade negotiations. As both nations aim to finalize the free-trade deal this year, it is crucial that Sunak upholds his commitment to integrity, professionalism, and accountability at all levels of government. The potential financial benefits to Infosys and Akshata Murty, coupled with the importance of immigration access for India’s IT and AI workers, make it imperative that the prime minister handles this matter with utmost transparency and impartiality.
In order to maintain transparency and prevent any potential conflicts of interest from undermining the UK-India trade negotiations, Sunak should fully disclose his wife’s financial interests and ensure that any decisions made regarding the free-trade deal are based solely on the best interests of both countries. The successful completion of this trade agreement relies on the trust and confidence of all stakeholders involved, and it is essential that any concerns regarding transparency and accountability are addressed promptly and effectively.
