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Akshata Murthy, blood money, Boris Johnson, cabinet coup, corporate raider, India, India-Russia relations, Indira Gandhi, Infosys, InfoSys stock, KGB, King George III, Mitrokhin files, Murthy, Narayana Murthy, Nehru, non-domicile status, Putin, Rishi Sunak, Russia, Russian invasion Ukraine, sanctions, stock dividends, tax on foreign earnings, taxation
Infosys was founded by the father-in-law of Rishi Sunak (NR Narayana Murthy) in 1981. It has a “market value of about $100bn” and “has strong historical links with Russia and Putin”. His wife collected £11.5 million in dividends from Infosys over the course of the past year. https://www.theguardian.com/politics/2022/mar/28/sunak-under-pressure-over-wifes-russia-related-blood-money-dividends While claiming that they would “urgently” leave Russia back in April, Infosys were still in Russia as of June 26th, over four months after Russia invaded Ukraine.
Sunak, who had come under pressure regarding Infosys “Blood Money” from Russia, appears to have orchestrated a coup against Boris Johnson, which could allow Sunak to undermine sanctions against Russia, to the apparent benefit of his father-in-law and wife (and ultimately his children and himself). India replaced British suzerainty with Soviet and Russian suzerainty. https://miningawareness.wordpress.com/2020/08/21/kamala-harris-uncle-called-russia-steadfast-friends-after-russia-annexed-crimea/ The KGB knew how to flatter Indira Nehru Gandhi, starting when her father (Nehru) was Prime Minister: “Indira’s India and the KGB: A charm offensive against Mrs Gandhi, agents in the media and the government, attempts to buy influence in Congress in the second volume of the astonishing Mitrokhin archive Christopher Andrew reveals how the KGB targeted India” by Christopher Andrew Saturday September 17 2005,https://www.thetimes.co.uk/article/indiras-india-and-the-kgb-3c5hp98xttm
“Rishi Sunak and Sajid Javid RESIGN in Cabinet coup to topple Boris Johnson: Boris Johnson’s leadership is hanging by a thread tonight as Health Secretary Sajid Javid and Chancellor Rishi Sunak dramatically resigned in an explosive Cabinet walkout” By Lizzy Buchan, Deputy Online Political Editor, 5 Jul 2022 https://www.mirror.co.uk/news/politics/breaking-sajid-javid-resigns-over-27406232
“Rishi Sunak’s wife claims non-domicile status: Tax status allows Akshata Murty to avoid tax on foreign earnings” by Rupert Neate, The Guardian,
Wed 6 Apr 2022 20.28 BST Last modified on Thu 7 Apr 2022 21.19 BST
Rishi Sunak’s multi-millionaire wife claims non-domicile status… which allows her to save millions of pounds in tax on dividends collected from her family’s IT business empire…
Under UK tax laws, Murty’s status as a non-dom would mean she would not have had to pay tax on the dividend payment from overseas companies. Infosys is headquartered in Bengaluru, India [2], and listed on the Indian and New York stock exchange. By contrast, UK resident taxpayers would pay a 38.1% tax on such dividend payouts (rising to 39.35% from today).
A spokeswoman for Murty said: “Akshata Murty is a citizen of India, the country of her birth and parents’ home. India does not allow its citizens to hold the citizenship of another country simultaneously. So, according to British law, Ms Murty is treated as non-domiciled for UK tax purposes. She has always and will continue to pay UK taxes on all her UK income.”…
Tulip Siddiq, the shadow economic secretary to the treasury, said: “The chancellor has imposed tax hike after tax hike on the British people. It is staggering that – at the same time – his family may have been benefiting from tax reduction schemes…
“Rishi Sunak must now urgently explain how much he and his family have saved on their own tax bill at the same time he was putting taxes up for millions of working families and choosing to leave them £2,620 a year worse off.”
Under current law, Murty will automatically be deemed domiciled after living in the UK for 15 years. Murty, who married Sunak in 2009, soon after they met while studying for a masters in business administration at Stanford University in Silicon Valley, moved to the UK in 2015.
The non-domicile status, first introduced under King George III in 1799, is legal and can be used to avoid paying UK tax on income from overseas rents and bank interest as well as foreign dividends. Non-doms can live in the UK all year round.
The revelation of Murty’s tax status comes as Sunak’s popularity with voters plunges over his handling of the cost of living crisis…
In his spring statement last month, Sunak raised the tax burden on UK taxpayers to its highest level since the 1940s, even as the population faces the biggest squeeze on living standards on record.
The Resolution Foundation thinktank suggested Sunak’s package of measures would push 1.3 million people, including 500,000 children, into poverty…
This article was amended on 7 April 2022 to reflect that the applicable tax rate for dividends rose to 39.35% from 6 April 2022 – although the previous rate is relevant to the article’s reference to Infosys dividend payments in the last tax year.
[1] https://www.theguardian.com/profile/rupertneate
[2] https://www.theguardian.com/world/india Courtesy of Guardian News & Media Ltd. The Guardian allows up to 500 words for personal blogs. See the article here: https://www.theguardian.com/politics/2022/apr/06/rishi-sunaks-wife-claims-non-domicile-status
The American Revolution was fought against George III: https://en.wikipedia.org/wiki/George_III
THEY HAVE A STRANGE DEFINITION OF “URGENTLY”. THEY STILL HADN’T MOVED AT THE END OF JUNE AND MAY BE THERE STILL! ALMOST 2 MONTHS AFTER INFOSYS SAID THAT THEY WERE “URGENTLY” SHUTTING THEIR RUSSIA OFFICE, AS OF JUNE 26TH, THEY WERE STILL THERE!
“IT company Infosys is transitioning its team of less than 100 people from Russia to projects outside the country, a top official of the company said on Saturday.” https://web.archive.org/web/20220630074308/https://www.businesstoday.in/latest/corporate/story/infosys-has-team-of-less-than-100-in-russia-transitioning-them-outside-ceo-parekh-339217-2022-06-26
“Infosys to ‘urgently’ shut Moscow office as pressure grows on Rishi Sunak: Chancellor’s wife, Akshata Murthy, has £690m stake in Indian IT firm, which is now moving staff out of Russia, By Rupert Neat, The Guardian, Fri 1 Apr 2022 18.21 BST
Indian IT services company Infosys, in which the chancellor Rishi Sunak’s wife owns an estimated £690m stake and collects about £11.5m in annual dividends, is “urgently” closing its office in Russia…
While the UK government has ratcheted up sanctions on hundreds of Russian businesspeople and politicians close to Putin’s regime, the Indian government has been more ambivalent in its attitude to the invasion.
Infosys had continued to operate in Russia despite most big global IT and consultancy firms such as Accenture, KPMG, McKinsey, Oracle, PwC and SAP all closing their Russian operations.
Earlier this week, Infosys said it had “a small team of employees based out of Russia, that services some of our global clients, locally”. “We do not have any active business relationships with local Russian enterprises,” the company said, adding that it had committed $1m (£760,000) to help the victims of the war.”
[1] https://www.theguardian.com/profile/rupertneate
Courtesy of Guardian News & Media Ltd. The Guardian allows up to 500 words for personal blogs. See the article here: https://www.theguardian.com/politics/2022/apr/01/infosys-to-urgently-shut-moscow-office-as-pressure-grows-on-rishi-sunak
“Sunak under pressure over wife’s Russia-related ‘blood money’ dividends: Akshata Murthy has a 0.91% stake in Infosys, founded by her father, which continues to operate in the country By Rupert Neate [1] Mon 28 Mar 2022 16.51 BST, The Guardian
The chancellor, Rishi Sunak [2], is under mounting pressure over accusations that his wife, Akshata Murthy, is collecting “bloody money” in dividends from a family company that has refused to pull out of Russia, despite Putin’s invasion of Ukraine.
Labour and the Liberal Democrats are calling on Sunak to answer “very serious questions” over Murthy’s estimated $900m (£690m) stake in the IT services and consultancy company Infosys.
Infosys, which was founded by her billionaire father, NR Narayana Murthy, continues to operate in Russia while most big global IT and consultancy firms such as SAP, Oracle, PwC, McKinsey, Accenture and KPMG have all closed their Russian operations.
Sunak, who has repeatedly called on British companies to pull out of Russia in order to “inflict maximum economic pain” on Putin’s regime, refused to comment on his wife’s 0.91% stake in Infosys…
A spokesperson for Sunak said neither Murthy nor any members of her family “have any involvement in the operational decisions of the company”. Murthy, who lives with Sunak and their two children at their townhouse in Kensington and Yorkshire manor house, has collected an estimated £11.5m in dividend payments from Infosys over the past year.
Lesia Vasylenko, a Ukrainian MP who has taken up arms to defend her country, said money paid out in dividends by any company operating in Russia should be viewed as “bloody money” that had “sponsor[ed] the army”.
Asked about Murthy’s holding in Infosys on LBC, Vasylenko said [3]: “Any money that is put into the Russian economy in one way or the other, be it directly, be it through investment, be it through taxes … that money goes to sponsor the army … to buy the bullets that are killing Ukrainian children, Ukrainian women.
“Every company has the choice to make, you can run the business as usual and make your money, but you have to live with the fact it’s bloody money, and bloody trade.”
Louise Haigh, the shadow transport secretary, told the BBC it was “really quite shocking” that it appeared that “Rishi Sunak’s family itself is benefiting from business in Russia … The chancellor has explicitly called on business to divest from Russia in order to inflict economic pain and ensure that the sanctions are as deeply felt as possible.”…
In a statement, Infosys said it had “a small team of employees based out of Russia, that services some of our global clients, locally”. “We do not have any active business relationships with local Russian enterprises,” the company said, adding that it had committed $1m to help the victims of the war.
Infosys, which was founded by NR Narayana Murthy in 1981 and now has a market value of about $100bn, has strong historical links with Russia and Putin.”
[1] https://www.theguardian.com/profile/rupertneate
[2] https://www.theguardian.com/politics/2021/feb/27/rishi-sunak-instagram-chancellor-and-prime-minister-in-waiting
[3] https://amp.lbc.co.uk/radio/presenters/andrew-castle/rishi-sunaks-wife-blood-money-in-russian-business-ukrainian-mp/
Courtesy of Guardian News & Media Ltd. The Guardian allows up to 500 words for personal blogs. See the article here: https://www.theguardian.com/politics/2022/mar/28/sunak-under-pressure-over-wifes-russia-related-blood-money-dividends
They don’t detail the strong historical links, but this statement certainly warrants more investigation.
“Boris Johnson Resigns: Is British Military Aid for Ukraine at Risk?” July 08, 2022 5:17 AM Henry Ridgwell https://www.voanews.com/a/boris-johnson-resigns-is-british-military-aid-for-ukraine-at-risk-/6650268.html
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