Rishi Sunak investigated over wife's stake in UK childcare firm

Rishi Sunak, is currently under investigation by the parliamentary standards watchdog to determine if he fully disclosed his wife's ownership stake in a childcare company that could potentially gain from new government policies.

On Monday (17) the Commissioner for Standards in Parliament initiated the inquiry into a "declaration of interest" made on April 13, as indicated by the list of ongoing investigations posted on their website.

Media reports suggesting that Akshata Murthy, the wife of Rishi Sunak, held shares in a childcare company that could potentially benefit from the government's childcare support policies announced in the March budget had led to questions being raised by opposition parties.

In response to the investigation, Sunak's spokesperson confirmed that the inquiry was related to the childcare company and stated that they were willing to cooperate to ensure full transparency in the matter.

The investigation into Sunak's failure to disclose his wife's shareholding in the childcare company is an embarrassment for him, as he promised to lead a government with integrity at every level when he took office in October.

Sunak and his wife are the wealthiest occupants of 10 Downing Street, with Murthy's stake in Indian IT giant Infosys valued at nearly $600 million based on Monday's (17) share price.

When Sunak served as the finance minister, he and his wife faced criticism and public backlash due to Murthy's "non-domiciled" tax status, which allowed her to avoid paying British tax on her foreign earnings.

However, Murthy later renounced the status and agreed to pay British tax on her worldwide income. The commissioner responsible for investigating any potential violations of the House of Commons code of conduct is currently probing into the matter, but has not disclosed any specifics about the investigation.

According to the code of conduct, members of parliament are obligated to disclose financial interests that could potentially impact their parliamentary duties. If the investigation determines a violation, the Commissioner can request that Sunak issue an apology and take corrective actions to avoid future mistakes.

Alternatively, the Commissioner may refer the matter to a committee with the authority to suspend or expel Sunak from parliament.

Angela Rayner, the deputy leader of the opposition Labour Party, has urged Rishi Sunak to release a revised register of ministerial interests ahead of the upcoming local elections.

She criticised Sunak's failure to do so, claiming that it created a "transparency black hole" that allows the Prime Minister and his appointees to evade proper scrutiny of their activities.

(With inputs from Reuters)