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VC firm founded by Rishi Sunak’s wife Akshata Murty to shut down

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Catamaran Ventures UK, an investment firm founded by Akshata Murty, wife of Prime Minister Rishi Sunak, will shut down, according to company filings.

The VC firm’s most recent filing on Companies House shows that the directors have decided to “liquidate the company”. The wind down was first reported by The Times .

The company was co-founded in 2013 by Sunak and Murty as the British arm of her father’s India-based VC Catamaran Ventures. Sunak stepped down as director in April 2015, shortly before he was elected as an MP.

The most recent balance sheet for Catamaran Ventures UK put the value of its investments in 2022 at £3.8m, an increase from the £3.5m from 2021.

The filings also revealed that its cash holdings fell from just below £400,000 in 2021 to £21,890 in 2022.

Catamaran Ventures UK has been criticised in the past due to its portfolio firms receiving tax-funded grants.

Labour leader Sir Kier Starmer this year called out Sunak and Murty after Study Hall, an edtech startup backed by Catamaran, received close to £350,000 from Innovate UK, a publicly funding body.

Starmer said in May that there are “questions to answer in relation to this” and that there appeared to be an “emerging pattern of behaviour here”.

The now-collapsed education startup Mrs Wordsmith, also backed by Catamaran, received £650,000 in funding from the Future Fund, a government scheme launched during Sunak’s time as chancellor.

UKTN has contacted Catamaran Ventures and Downing Street for comment.

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Rishi Sunak’s wife Akshata Murty lends £4.3m to start-up Catamaran Ventures

Akshata Murty, the wife of Rishi Sunak, lent her start-up investment company £4.3 million last year, up from £1.7 million in 2019, as it slipped into the red.

The London-based Catamaran Ventures UK — founded by Sunak, the chancellor, and Murty in 2013 — invests in start-ups “with the view to future capital growth and income distributions”.

Murty is the daughter of NR Narayana Murthy, the Indian billionaire and co-founder of Infosys. The Murthy family is said to have invested part of the wealth created by Infosys through Catamaran Ventures.

Catamaran noted that an impaired investment of £324,995 had been recognised after the financial year’s end. This is thought to be a reference to Mrs Wordsmith, an education start-up backed by Catamaran that collapsed less

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Rishi Sunak’s wife Akshata Murty decides to liquidate investment venture in UK

According to the latest financial statement for the year ended December 2022 available for the company on Wednesday, Murty as the only director of the firm has now decided to wind down her firm as a going concern.

British Prime Minister Rishi Sunak’s wife Akshata Murty has decided to liquidate her investment company Catamaran Ventures UK Ltd, according to official company filings with the UK’s Companies House this week.

The 43-year-old businesswoman had incorporated the venture in 2013 with her husband as one of the directors, before he resigned in 2015.

“During the year, the directors have decided to liquidate the Company,” notes the Companies House filing statement.

“Accordingly, the financial statements have been prepared on a basis other than going concern and no adjustments were necessary in these financial statements to reduce assets to their realisable values or to provide for liabilities arising from that decision,” it reads.

The value of the company’s investments for the period was stated at just over GBP 3.8 million, up from just over GBP 3.5 million in 2021 and the funds becoming due to Murty amounted to just over GBP 4.6 million.

Catamaran Ventures UK Ltd has been operating as an investment vehicle for funds from her shares in Infosys, the Indian software giant co-founded by her father N.R. Narayana Murthy. However, the ventures it has invested in have not had the best run.

According to an analysis by ‘The Times’ newspaper, education start-up Mrs Wordsmith backed by Catamaran closed less than six months after receiving GBP 650,000 from the UK government’s pandemic support scheme called Future Fund.

The New Craftsmen, a Catamaran-backed furniture company which closed in November 2022, also benefited from the fund. And, Digme Fitness, a boutique London fitness chain of which Murty was a director, failed in 2021.

Study Hall, an education technology business in which Catamaran has a stake, was given a government grant of GBP 349,976 via state body Innovate UK last year, prompting questions from the Opposition Labour Party benches.

Murty’s investments outside Catamaran also came under the spotlight this year when it emerged she had shares in Koru Kids – one of six childminder agencies in England that stood to benefit from a new Budget scheme announced by the Sunak-led government. It led to a declaration of interest inquiry by the UK parliamentary watchdog, which concluded last month that Sunak’s failure to reference his wife’s shares in Koru Kids arose out of “confusion and was accordingly inadvertent”.

“I apologise for these inadvertent errors and confirm acceptance of your proposal for rectification,” Sunak wrote in a letter to the Parliamentary Commissioner for Standards, Daniel Greenberg.

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Akshata Murty, Rishi Sunak’s wife, to close venture capital fund Catamaran Ventures UK: Report

Giving little details about the decision, catamaran ventures uk, in its latest company filing at companies house, said its directors “have decided to liquidate the company”..

• Updated Sep 30, 2023, 10:07 AM IST

• UK Prime Minister Rishi Sunak's wife Akshata Murty will be shutting down her venture capital fund Catamaran Ventures UK, according to company filings.
• The company was co-founded in 2013 by Sunak and Murty and was backed by Infosys founder and billionaire Narayana Murthy.
• In the past, Catamaran Ventures UK's operations have been under lens when it emerged that a number of the startups it backed received cash infusions through taxpayer-backed schemes.

UK Prime Minister Rishi Sunak's wife Akshata Murty will be shutting down her venture capital fund Catamaran Ventures UK, according to company filings. Giving little details about the decision, Catamaran Ventures UK, in its latest company filing at Companies House, said its directors “have decided to liquidate the company”, The Times reported on Friday.

The company was co-founded in 2013 by Sunak and Murty and was backed by Infosys founder and billionaire Narayana Murthy. Sunak stepped down as director in April 2015, shortly before he was elected as an MP.

According to its website, the investment firm handles $1 billion worth of assets, which is more than Rs 8,320 crore. The most recent balance sheet of Catamaran Ventures UK in 2022 had put the value of its investments at £3.8 million, which was a slight increase from the £3.5 million from 2021.

The filings also revealed that its cash holdings fell from just below £400,000 in 2021 to £21,890 in 2022.

In the past, Catamaran Ventures UK's operations have been under lens when it emerged that a number of the startups it backed received cash infusions through taxpayer-backed schemes, or owed money to HM Revenue and Customs.

One such firm was the upmarket furniture firm New Craftsmen which collapsed into liquidation after receiving £300,000 in taxpayer-funded loans. The policies were put in place while Sunak was the chancellor.

Another was Mrs Wordsmith. It was an education company that secured £1.3 million from the Future Fund, conceived by Sunak to aid small startups during the pandemic. Mrs Wordsmith later collapsed, owing £249,000 to HMRC.

Another investment was fitness chain, Digme Fitness. It received Covid furlough payments of up to £630,000, despite that it went into administration with more than £6.1 million in VAT and PAYE taxes owed.

Catamaran also invested in Study Hall, an education technology business which is still trading, that was given a government grant of £349,976 from Innovate UK in 2022.

Earlier this year, Labour leader Sir Kier Starmer called out Sunak and Murty after Study Hall received close to £350,000 from Innovate UK, a publicly funding body.

In May, Starmer said that there are “questions to answer in relation to this” and that there appeared to be an “emerging pattern of behaviour here”.

In the past, Murty's financial arrangements have been a point of discussion during Sunak’s tenure. Sunak was criticised after it was revealed that his wife held “non-dom” tax status, allowing her to legally minimise tax on dividends from Infosys, which were worth £11.5 million in the last financial year. She subsequently agreed to pay tax in the UK on her worldwide income.

Her shareholding in the childcare company Koru Kids later became a source of controversy, after Sunak was found to have breached parliament’s code of conduct by failing to declare it while being questioned by MPs earlier this year.

Murty is one of the promoters of Infosys. As per the shareholding pattern of Infosys for January to March 2023 quarter, Akshata Murty is shown holding 3,89,57,096 Infosys shares, which is 1.07 per cent of the total paid-up capital of the company.

Also read:  Watch! Rishi Sunak visits Akshardham Temple with wife Akshata Murty

Also read:  'Met with world leaders of tomorrow': UK PM Rishi Sunak on meeting students at British Council in Delhi

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Rishi Sunak probed in Commons over private jet expenses and wife’s company

Rishi Sunak has been urged to ensure all his financial interests are properly declared, amid reports his family’s investment company is being wound up.

The Prime Minister faced questions about whether he had “forgotten” to declare all his financial interests, following the news that Catamaran Ventures UK, a company owned by his wife Akshata Murty, is being liquidated.

Mr Sunak was also probed about his declaration of private jet travel expenses, and his relationship with the businessman who provided the donation.

At Prime Minister’s Questions, Bill Esterson, Labour MP for Sefton Central, said: “Reports suggest the Prime Minister’s family investment company Catamaran Ventures is being wound up and that his wife is exiting her interest in her childcare company, Koru Kids.

I take very seriously my responsibilities to register and declare all of my relevant interests

Rishi Sunak, Prime Minister

“So, will the Prime Minister keep his promise to the Liaison Committee, which includes a number of Conservative MPs , and confirm whether or not he has forgotten to register any of his financial interests? And will he publish all details of Catamaran Ventures investments?”

Mr Sunak responded: “I take very seriously my responsibilities to register and declare all of my relevant interests. All of them have been declared in accordance with the ministerial code and it is the role of the independent advisory (body) to advise on what is necessary to publish within that list, including in the case of ministers’ family members.

“And, when specific questions are asked in things like Liaison Committee, as I have been in dialogue with the committee, declarations are made on top of that, which I have made and as I made from the dispatch box.

“My wife has been an investor in British companies over the past years, but that is now something that she has ceased to do further going forward.”

Labour has written to the Cabinet Office asking for assurances that Mr Sunak and his wife’s interests continue to be properly declared in the Register of Ministerial Interests amid the company’s closure.

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A spokesperson for Ms Murty has said a “significant donation” had been made to the charity ShareGift, following her company’s liquidation.

They added: “Ms Murty has shortlisted several charities focused on veterans’ affairs and education for the ShareGift team to consider at the time of disbursement.”

Elsewhere, Labour MP Alex Norris pressed Mr Sunak about a £38,500 donation from British-Indian businessman Akhil Tripathi, declared in the register of members’ interests last May.

The Nottingham North MP asked: “Can I ask the Prime Minister very simply for the public record whether he personally met Mr Akhil Tripathi in April last year prior to Mr Tripathi giving him £38,000 for the hire of a private jet?”

The Prime Minister replied: “All my declarations are made in the usual way according to the usual processes.”

Mr Tripathi is the founder and director of medical technology company Signifier Medical Technologies.

In the register of interests, the purpose of the donation is described as “provision of air travel to multiple Conservative Party events on April 28 2023 for me and eight members of staff, value £38,500.”

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Rishi Sunak’s wife invests in firm linked to Qatari rulers

Akshata Murty also shown to hold stake in luxury furniture firm backed by Rupert Murdoch’s daughter

The multimillionaire wife of the UK chancellor, Rishi Sunak , holds stakes in a “private investment community for the next generation of global leaders” and a luxury British furniture company backed by Rupert Murdoch’s daughter.

Akshata Murty , the daughter of an Indian billionaire, married Sunak in 2009. She owns shares in dara5, a London-based investment firm cofounded in 2019 by a member of Qatar’s ruling Al-Thani family. The shareholding, via her Catamaran Ventures UK investment company , was first reported by Bloomberg on Tuesday.

Dara5 says on LinkedIn that it aims to provide a “global investment network for next generation family members, young investors & youthful entrepreneurs”. Nasser Al-Thani , “next gen family member of the Qatari Ruling Family” who studied international business management at Newcastle University, is a founding partner. According to his instagram account , he owns a large collection of supercars.

The multimillionaire co-founder of Lastminute.com Brent Hoberman is also an investor.

Filings at Companies House also show that Catamaran Ventures UK is a shareholder in the upmarket furniture marketplace The New Craftsmen. The company, which says it “curates, commissions and sells unique contemporary objects that are rooted in craftsmanship and narrative”, counts several well-known wealthy investors among its shareholders. Among them are Prudence MacLeod, the eldest child of Rupert Murdoch.

Murty set up Catamaran’s UK arm with Sunak in order to invest her private wealth. He transferred his shares to her in 2015, just before entering parliament, and she is now the sole owner. Through it she has invested in a clutch of startup businesses. Sunak declares his wife’s ownership of Catamaran on the list of ministers’ interests, but no detail is given of the businesses she holds stakes in.

The finances of Murty and Sunak have been thrown into focus following revelations in April that Murty had claimed non-dom status legally to not pay tax on annual dividends she receives from a £690m stake in the Indian IT company Infosys, founded by her billionaire father NR Narayana Murthy.

After mounting public outrage, Murty bowed to pressure to pay UK taxes, saying she realised many people felt her tax arrangements were not “compatible with my husband’s job as chancellor”.

The Infosys stake led Sunak earlier in May to become the first frontline politician to be ranked among the UK’s wealthiest people, only days after he warned consumers that “the next few months will be tough” as the cost of living squeeze intensifies.

After becoming chief secretary to the Treasury in July 2019, Sunak declared in the MPs’ register of interests that he had transferred his 50% stake in Catamaran Ventures to Murty when he became an MP in 2015. But he has not provide details of what Catamaran Ventures is invested in.

Spokespeople for Murty and Sunak did not respond to requests for comment.

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Sunak's wife Akshata Murty decides to liquidate investment venture in UK

Catamaran ventures uk ltd has been operating as an investment vehicle for funds from her shares in infosys, the indian software giant co-founded by her father n.r. narayana murthy..

Akshata Murthy

British Prime Minister Rishi Sunak’s wife Akshata Murty has decided to liquidate her investment company Catamaran Ventures UK Ltd, according to official company filings with the UK’s Companies House this week.

The 43-year-old businesswoman had incorporated the venture in 2013 with her husband as one of the directors before he resigned in 2015. According to the latest financial statement for the year ended December 2022 available for the company on Wednesday, Murty as the only director of the firm has now decided to wind down her firm as a going concern. "During the year, the directors have decided to liquidate the Company, notes the Companies House filing statement."

Accordingly, the financial statements have been prepared on a basis other than going concern and no adjustments were necessary in these financial statements to reduce assets to their realisable values or to provide for liabilities arising from that decision, it reads. The value of the company’s investments for the period was stated at just over GBP 3.8 million, up from just over GBP 3.5 million in 2021 and the funds due to Murty amounted to just over GBP 4.6 million. Catamaran Ventures UK Ltd has been operating as an investment vehicle for funds from her shares in Infosys, the Indian software giant co-founded by her father N.R. Narayana Murthy.

Catamaran Ventures UK Ltd has been operating as an investment vehicle for funds from her shares in Infosys, the Indian software giant co-founded by her father N.R. Narayana Murthy. However, the ventures it has invested in have not had the best run. According to an analysis by The Times’ newspaper, education start-up Mrs Wordsmith backed by Catamaran closed less than six months after receiving GBP 650,000 from the UK government’s pandemic support scheme called Future Fund. The New Craftsmen, a Catamaran-backed furniture company which closed in November 2022, also benefited from the fund. And, Digme Fitness, a boutique London fitness chain of which Murty was a director, failed in 2021.

Study Hall, an education technology business in which Catamaran has a stake, was given a government grant of GBP 349,976 via state body Innovate UK last year, prompting questions from the Opposition Labour Party benches. Murty’s investments outside Catamaran also came under the spotlight this year when it emerged she had shares in Koru Kids one of six childminder agencies in England that stood to benefit from a new Budget scheme announced by the Sunak-led government. It led to a declaration of interest inquiry by the UK parliamentary watchdog, which concluded last month that Sunak’s failure to reference his wife’s shares in Koru Kids arose out of confusion and was accordingly inadvertent.

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It led to a declaration of interest inquiry by the UK parliamentary watchdog, which concluded last month that Sunak’s failure to reference his wife’s shares in Koru Kids arose out of confusion and was accordingly inadvertent. "I apologise for these inadvertent errors and confirm acceptance of your proposal for rectification," Sunak wrote in a letter to the Parliamentary Commissioner for Standards, Daniel Greenberg.

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Akshata Murty, wife of Rishi Sunak, to wind down Catamaran Ventures UK amid controversy

Akshata Murty, the wife of UK Prime Minister Rishi Sunak , has announced the winding down of her venture capital fund, Catamaran Ventures UK. The decision comes in the wake of mounting questions surrounding the fund’s connection to taxpayer-funded initiatives.

Liquidation decision revealed in filings

Recent filings at Companies House show that Catamaran Ventures UK’s directors “have decided to liquidate the company.” This move raises further questions about Murty’s investments made through the fund, which include a 0.91% stake in her father’s Indian IT giant, Infosys , estimated this year to be worth £590m.

Public funds and startup controversies

Catamaran Ventures UK’s operations have faced scrutiny due to its involvement with startups that received financial support from taxpayer-backed schemes, as well as debts owed to HM Revenue and Customs.

One such startup was New Craftsmen, the upmarket furniture, firm collapsed into liquidation after receiving £300,000 in taxpayer-funded loans, policies put in place while Rishi Sunak was chancellor.

Another, Mrs Wordsmith was an education company that secured £1.3 million from the Future Fund, designed by Sunak to aid small startups during the pandemic. Mrs Wordsmith later folded, owing £249,000 to HMRC.

Despite receiving Covid furlough payments of up to £630,000, fitness chain, Digme Fitness, is another startup that, in 2021, went into administration with more than £6.1 million in VAT and PAYE taxes owed.

Study Hall is an education technology business backed by Catamaran, which received a government grant of £349,976 from Innovate UK in 2022 and continues to operate.

Ongoing controversies

Akshata Murty’s financial arrangements have remained a point of contention during her husband’s tenure in Downing Street . This includes her “non-dom” tax status, which allowed her to minimize taxes on dividends from Infosys which were worth £11.5m in the 2022-2023 financial year. After public criticism, she agreed to pay tax in the UK on her worldwide income.

Furthermore, her stake in childcare company Koru Kids raised concerns when it was revealed that Prime Minister Rishi Sunak had failed to declare it while being questioned by MPs. While Koru Kids was poised to benefit from a pilot scheme to incentivize more people to become childminders, the breach was deemed inadvertent by parliament’s standards commissioner.

As the Catamaran Ventures UK fund begins its liquidation process, questions surrounding its investments and their connection to public funds continue to loom.

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Two of Rishi Sunak's wife's firms go under in pandemic owing taxman £623,000

The mega-rich wife of Chancellor Rishi Sunak, Akshata Murty, owned stakes in two firms hit by the pandemic including one which borrowed £1.3million from a government-backed fund her husband launched in 2020

• 22:23, 17 Aug 2021

Two businesses in which Rishi Sunak’s wife is a significant investor have gone into administration during the pandemic, owing money to HMRC.

One borrowed £1.3million from the government-backed Future Fund which Akshata Murty’s Chancellor husband launched last year.

Ms Murty is richer than the Queen, holding a stake in her family’s global IT business Infosys, which is currently worth £625m.

Former banker Mr Sunak has put his investments into a “blind trust” and is not required to name companies in which his wife has shares.

A Mirror probe has found she owns shares in Lava Mayfair Club Limited, which collapsed owing £43.7m, including £374,000 to HMRC.

What is your view? Have your say in the comment section

The “private members’ club focussing on positive social change” closed due to Covid restrictions in March.

Bosses took measures including “placing staff on furlough and deferring HMRC payments” but the firm failed to pay rent for the first quarter of 2020 and its landlord sued.

It owes £9.9m to Metro Bank, which called in administrators in October. They closed the business and Ms Murty is one of nearly 200 shareholders set to lose their cash.

Ms Murty’s investment firm Catamaran Ventures is one of 53 shareholders in educational publishers Mrs Wordsmith Limited.

The firm collapsed into administration in March owing £16.3m, despite securing £1.3m from the Future Fund, set up “to support companies facing financing difficulties due to coronavirus ”.

Administrators say “in 2020 the company took measures to preserve cash reserves with revenue loans, furloughing employees”.

But this year it was “no longer able to resist the pressure from HM Revenue and Customs and other key creditors”.

It owes £249,000 in PAYE income tax and National Insurance contributions. Company House documents show that the firm owes £1,315,000 to the Future Fund and £153,000 to Catamaran Ventures UK.

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The administrators have sold the business but are expecting creditors will get only around 3% back.

Under the Ministerial Code, minsters must declare financial interests “relevant” to their role, including of close family members.

Mr Sunak’s declaration says: “Mr Sunak’s wife owns a venture capital investment company, Catamaran Ventures UK Ltd.”

He does not identify companies she has invested in personally or through Catamaran.

Sir Alistair Graham, an former chair of the committee on standards in public life, has said: “He seems to have taken the most minimalist approach possible.”

The Treasury said: “The PM’s independent adviser on ministerial interests is completely satisfied [Mr Sunak] has followed the ministerial code to the letter.”

Mr Sunak and Ms Murty declined to comment.

MORE ON Rishi Sunak Furlough HMRC

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Rishi Sunak rejects Labour call for general election now

• Oops! Something went wrong. Please try again later. More content below

Rishi Sunak has rejected calls for an immediate general election, saying his "working assumption" is still that it will be in the second half of the year.

Sir Keir Starmer said the PM was "scared" to face voters over his record on immigration and mortgage rates.

Mr Sunak said he thought Sir Keir would be "grateful" for a delay because "he has now actually got time to come up with a plan for Britain".

The Labour leader told him: "We are ready. Just call it."

The clash at Prime Minister's Questions was the final time the two will face each other before MPs go on their Easter break.

Election poll tracker: How do the parties compare?

Food and eating out costs drive fall in inflation

Lib Dems accuse Sunak of 'bottling' May election

Mr Sunak continues to be dogged by reports that some rebel Tory MPs are plotting to replace him as prime minister before the general election, which must be held by January next year at the latest.

The Conservatives have fallen further behind Labour in the opinion polls since Chancellor Jeremy Hunt's tax-cutting Budget aimed at reversing their fortunes.

Later, the prime minister addressed Conservative MPs at a meeting of their backbench 1922 Committee.

He was greeted at the private gathering in Westminster by loud banging on the tables, a customary signal of approval.

One MP reported that the "roof nearly went off". Another said it was "the best we've seen him in a while".

Stoke-on-Trent North MP Jonathan Gullis said he wanted to "call out those idiots" who were agitating against the PM.

He said the party must stay "on message", adding that a "broad range" of Tory MPs were present and there was "not a single dissenting voice in that room".

Mr Sunak had arrived at Prime Minister's Questions with a spring in his step after better-than-expected inflation figures, telling MPs it showed his plan was working.

Sir Keir didn't question Mr Sunak on inflation - instead he claimed half of the PM's cabinet wanted to replace him.

He said Mr Sunak was "so diminished" that his "entire focus is on stopping his MPs holding the sword of Damocles above his head, perhaps even literally".

This was a reference to Commons leader Penny Mordaunt, who has been at the centre of Tory leadership speculation and who famously carried the Sword of State during the King's coronation ceremony.

Mr Sunak claimed Labour "didn't actually care" about "fixing" the immigration system because they had opposed his plan to deport asylum seekers to Rwanda.

Sir Keir attacked the Rwanda scheme as an expensive "gimmick" and hit back at Mr Sunak's claims about him defending foreign criminals in his former career as a lawyer.

"I have prosecuted more people smugglers than he's had helicopter rides - and that's a lot," he told the PM.

He then renewed his call for a general election to put an end to "mortgage mayhem, the waiting lists, the criminals walking free" and "Tory chaos".

Mr Sunak last week ruled out a general election on 2 May, when England and Wales votes in local elections - and Jeremy Hunt dropped a hint on Tuesday that it would happen in October .

"As I said in January, my working assumption is that the election will be in the second half of the year," Mr Sunak told MPs.

'Pull together'

He said he was still waiting to hear how Labour would pay for increased borrowing, adding the government's plan is "working".

"That is the choice: higher taxes and back to square one with Labour or tax cuts and real change with the Conservatives," said the PM.

He would urge Tory MPs to "pull together" and focus on the "improving" economic picture when he addressed the 1922 Committee, his spokeswoman said.

Plotting rebels have reportedly talked up the prospect of Penny Mordaunt or security minister Tom Tugendhat, both former leadership contenders, replacing Mr Sunak in Downing Street should he face a confidence vote.

Asked about the reports on Tuesday, Ms Mordaunt said she was "getting on with my job".

Downing Street refused to say whether Mr Sunak had held talks with Ms Mordaunt since the reports first emerged over the weekend.

Asked if the PM was disappointed Ms Mordaunt had not firmly denied being part of a plot to replace him, his spokeswoman said: "What the prime minister wants is all of his Cabinet ministers and the wider Conservative team to focus on delivering for the country."

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Why were so many metro stations in Moscow renamed?

Okhotny Ryad station in Soviet times and today.

The Moscow metro system has 275 stations, and 28 of them have been renamed at some point or other—and several times in some cases. Most of these are the oldest stations, which opened in 1935.

The politics of place names

The first station to change its name was Ulitsa Kominterna (Comintern Street). The Comintern was an international communist organization that ceased to exist in 1943, and after the war Moscow authorities decided to call the street named after it something else. In 1946, the station was renamed Kalininskaya. Then for several days in 1990, the station was called Vozdvizhenka, before eventually settling on Aleksandrovsky Sad, which is what it is called today.

The banner on the entraince reads: "Kalininskaya station." Now it's Alexandrovsky Sad.

Until 1957, Kropotkinskaya station was called Dvorets Sovetov ( Palace of Soviets ). There were plans to build a monumental Stalinist high-rise on the site of the nearby Cathedral of Christ the Saviour , which had been demolished. However, the project never got off the ground, and after Stalin's death the station was named after Kropotkinskaya Street, which passes above it.

Dvorets Sovetov station, 1935. Letters on the entrance: "Metro after Kaganovich."

Of course, politics was the main reason for changing station names. Initially, the Moscow Metro itself was named after Lazar Kaganovich, Joseph Stalin’s right-hand man. Kaganovich supervised the construction of the first metro line and was in charge of drawing up a master plan for reconstructing Moscow as the "capital of the proletariat."

In 1955, under Nikita Khrushchev's rule and during the denunciation of Stalin's personality cult, the Moscow Metro was named in honor of Vladimir Lenin.

Kropotkinskaya station, our days. Letters on the entrance: "Metropolitan after Lenin."

New Metro stations that have been opened since the collapse of the Soviet Union simply say "Moscow Metro," although the metro's affiliation with Vladimir Lenin has never officially been dropped.

Zyablikovo station. On the entrance, there are no more signs that the metro is named after Lenin.

Stations that bore the names of Stalin's associates were also renamed under Khrushchev. Additionally, some stations were named after a neighborhood or street and if these underwent name changes, the stations themselves had to be renamed as well.

Until 1961 the Moscow Metro had a Stalinskaya station that was adorned by a five-meter statue of the supreme leader. It is now called Semyonovskaya station.

Left: Stalinskaya station. Right: Now it's Semyonovskaya.

The biggest wholesale renaming of stations took place in 1990, when Moscow’s government decided to get rid of Soviet names. Overnight, 11 metro stations named after revolutionaries were given new names. Shcherbakovskaya became Alekseyevskaya, Gorkovskaya became Tverskaya, Ploshchad Nogina became Kitay-Gorod and Kirovskaya turned into Chistye Prudy. This seriously confused passengers, to put it mildly, and some older Muscovites still call Lubyanka station Dzerzhinskaya for old times' sake.

At the same time, certain stations have held onto their Soviet names. Marksistskaya and Kropotkinskaya, for instance, although there were plans to rename them too at one point.

"I still sometimes mix up Teatralnaya and Tverskaya stations,” one Moscow resident recalls .

 “Both have been renamed and both start with a ‘T.’ Vykhino still grates on the ear and, when in 1991 on the last day of my final year at school, we went to Kitay-Gorod to go on the river cruise boats, my classmates couldn’t believe that a station with that name existed."

The city government submitted a station name change for public discussion for the first time in 2015. The station in question was Voykovskaya, whose name derives from the revolutionary figure Pyotr Voykov. In the end, city residents voted against the name change, evidently not out of any affection for Voykov personally, but mainly because that was the name they were used to.

What stations changed their name most frequently?

Some stations have changed names three times. Apart from the above-mentioned Aleksandrovsky Sad (Ulitsa Kominterna->Kalininskaya->Vozdvizhenka->Aleksandrovsky Sad), a similar fate befell Partizanskaya station in the east of Moscow. Opened in 1944, it initially bore the ridiculously long name Izmaylovsky PKiO im. Stalina (Izmaylovsky Park of Culture and Rest Named After Stalin). In 1947, the station was renamed and simplified for convenience to Izmaylovskaya. Then in 1963 it was renamed yet again—this time to Izmaylovsky Park, having "donated" its previous name to the next station on the line. And in 2005 it was rechristened Partizanskaya to mark the 60th anniversary of victory in World War II. 

Partizanskaya metro station, nowadays.

Another interesting story involves Alekseyevskaya metro station. This name was originally proposed for the station, which opened in 1958, since a village with this name had been located here. It was then decided to call the station Shcherbakovskaya in honor of Aleksandr Shcherbakov, a politician who had been an associate of Stalin. Nikita Khrushchev had strained relations with Shcherbakov, however, and when he got word of it literally a few days before the station opening the builders had to hastily change all the signs. It ended up with the concise and politically correct name of Mir (Peace).

The name Shcherbakovskaya was restored in 1966 after Khrushchev's fall from power. It then became Alekseyevskaya in 1990.

Alekseyevskaya metro station.

But the station that holds the record for the most name changes is Okhotny Ryad, which opened in 1935 on the site of a cluster of market shops. When the metro system was renamed in honor of Lenin in 1955, this station was renamed after Kaganovich by way of compensation. The name lasted just two years though because in 1957 Kaganovich fell out of favor with Khrushchev, and the previous name was returned. But in 1961 it was rechristened yet again, this time in honor of Prospekt Marksa, which had just been built nearby.

Okhotny Ryad station in 1954 and Prospekt Marksa in 1986.

In 1990, two historical street names—Teatralny Proyezd and Mokhovaya Street—were revived to replace Prospekt Marksa, and the station once again became Okhotny Ryad.

Okhotny Ryad in 2020.

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For the first time Rosatom Fuel Division supplied fresh nuclear fuel to the world’s only floating nuclear cogeneration plant in the Arctic

The fuel was supplied to the northernmost town of Russia along the Northern Sea Route.

The first in the history of the power plant refueling, that is, the replacement of spent nuclear fuel with fresh one, is planned to begin before 2024. The manufacturer of nuclear fuel for all Russian nuclear icebreakers, as well as the Akademik Lomonosov FNPP, is Machinery Manufacturing Plant, Joint-Stock Company (MSZ JSC), a company of Rosatom Fuel Company TVEL that is based in Elektrostal, Moscow Region.

The FNPP includes two KLT-40S reactors of the icebreaking type. Unlike convenient ground-based large reactors (that require partial replacement of fuel rods once every 12-18 months), in the case of these reactors, the refueling takes place once every few years and includes unloading of the entire reactor core and loading of fresh fuel into the reactor.

The cores of KLT-40 reactors of the Akademik Lomonosov floating power unit have a number of advantages compared to the reference ones: a cassette core was used for the first time in the history of the unit, which made it possible to increase the fuel energy resource to 3-3.5 years between refuelings, and also reduce the fuel component of the electricity cost by one and a half times. The FNPP operating experience formed the basis for the designs of reactors for nuclear icebreakers of the newest series 22220. Three such icebreakers have been launched by now.

For the first time the power units of the Akademik Lomonosov floating nuclear power plant were connected to the grid in December 2019, and put into commercial operation in May 2020. The supply of nuclear fuel from Elektrostal to Pevek and its loading into the second reactor is planned for 2024. The total power of the Akademik Lomonosov FNPP, supplied to the coastal grid of Pevek without thermal energy consumption on shore, is about 76 MW, being about 44 MW in the maximum thermal power supply mode. The FNPP generated 194 million kWh according to the results of 2023. The population of Pevek is just a little more than 4 thousand, while the FNPP has a potential for supplying electricity to a city with a population of up to 100 thousand people. After the FNPP commissioning two goals were achieved. These include first of all the replacement of the retiring capacities of the Bilibino NPP, which has been operating since 1974, as well as the Chaunskaya TPP, which has already been operating for more than 70 years. Secondly, energy is supplied to the main mining companies in western Chukotka in the Chaun-Bilibino energy hub a large ore and metal cluster, including gold mining companies and projects related to the development of the Baimsk ore zone. In September 2023, a 110 kilovolt power transmission line with a length of 490 kilometers was put into operation, connecting the towns of Pevek and Bilibino. The line increased the reliability of energy supply from the FNPP to both Bilibino consumers and mining companies, the largest of which is the Baimsky GOK. The comprehensive development of the Russian Arctic is a national strategic priority. To increase the NSR traffic is of paramount importance for accomplishment of the tasks set in the field of cargo shipping. This logistics corridor is being developed due regular freight voyages, construction of new nuclear-powered icebreakers and modernization of the relevant infrastructure. Rosatom companies are actively involved in this work. Rosatom Fuel Company TVEL (Rosatom Fuel Division) includes companies fabricating nuclear fuel, converting and enriching uranium, manufacturing gas centrifuges, conducting researches and producing designs. As the only nuclear fuel supplier to Russian NPPs, TVEL supplies fuel for a total of 75 power reactors in 15 countries, for research reactors in nine countries, as well as for propulsion reactors of the Russian nuclear fleet. Every sixth power reactor in the world runs on TVEL fuel. Rosatom Fuel Division is the world’s largest producer of enriched uranium and the leader on the global stable isotope market. The Fuel Division is actively developing new businesses in chemistry, metallurgy, energy storage technologies, 3D printing, digital products, and decommissioning of nuclear facilities. TVEL also includes Rosatom integrators for additive technologies and electricity storage systems. Rosenergoatom, Joint-Stock Company is part of Rosatom Electric Power Division and one of the largest companies in the industry acting as an operator of nuclear power plants. It includes, as its branches, 11 operating NPPs, including the FNPP, the Scientific and Technical Center for Emergency Operations at NPPs, Design and Engineering as well as Technological companies. In total, 37 power units with a total installed capacity of over 29.5 GW are in operation at 11 nuclear power plants in Russia. Machinery Manufacturing Plant, Joint-Stock Company (MSZ JSC, Elektrostal) is one of the world’s largest manufacturers of fuel for nuclear power plants. The company produces fuel assemblies for VVER-440, VVER-1000, RBMK-1000, BN-600,800, VK-50, EGP-6; powders and fuel pellets intended for supply to foreign customers. It also produces nuclear fuel for research reactors. The plant belongs to the TVEL Fuel Company of Rosatom.

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ROSATOM and FEDC agree to cooperate in the construction of Russia's first onshore SNPP

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Rosatom develops nuclear fuel for modernized floating power units

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Sunak’s Family Finances Under Scrutiny Again as Labour Seek Answers

D oubts surround the closure of Catamaran Ventures, an investment firm owned by UK Prime Minister Rishi Sunak’s wife, as Labour presses for answers on the potential impact, government connections, and tax liabilities. Here’s the full story.

Transparency and Accountability Questions

The recent closure of Catamaran Ventures UK, an investment firm owned by Akshata Murty, wife of UK Prime Minister Rishi Sunak, has raised eyebrows and prompted the Labour Party to seek answers.

With questions lingering about the company’s connections to government-backed businesses and the potential impact on other companies, concerns are being voiced about transparency and accountability.

Catamaran Ventures, established by the Sunak family in 2013, focused on investing in start-ups. While Rishi Sunak served as a director until 2015, his wife, Akshata Murty, became the majority shareholder a year later.

The company’s holdings were transferred to ShareGift, a charity, with the exception of Bloom & Wild, a flower delivery start-up, which remains in Ms. Murty’s name.

Labour’s Inquiry and Concerns

Labour’s national campaign coordinator, Pat McFadden, has written to Deputy PM Oliver Dowden, seeking clarification on several crucial aspects. McFadden’s inquiries touch upon the potential repercussions of Catamaran Ventures’ closure on government-backed businesses and other companies it retained stakes in.

Additionally, questions are raised about tax payments owed to HMRC and whether all liabilities to the British taxpayer will be fulfilled.McFadden emphasized the necessity for the prime minister and his wife’s interests to be accurately declared in the Register of Ministerial Interests, underscoring the importance of “integrity, professionalism, and accountability.”

Government Grants and Business Connections

The Sunday Times had previously reported that Catamaran Ventures held shares in Study Hall, an education start-up that received a government grant nearing £350,000.

This revelation prompted Labour’s concerns about the potential impact on government-backed businesses and the need for a thorough examination of financial entanglements.

In response to the closure, a spokesperson for Ms. Murty revealed that a “significant donation” had been made to ShareGift, an independent UK-registered charity. Ms. Murty, known for her charitable endeavors, has shortlisted several causes focused on veterans’ affairs and education for consideration at the time of disbursement.

This move, while showcasing a commitment to philanthropy, raises questions about the motivations behind the closure and subsequent donations.

Political Implications

With an impending election on the horizon, Labour’s decision to address the closure of Catamaran Ventures signals a potential strategy to bring Ms. Murty’s wealth into the political discourse.

McFadden, however, denies any attempt to derive “political capital” from the issue. He asserts that Labour’s intention is to ensure transparent declarations as the venture concludes, especially given the involvement of taxpayer money in the companies previously invested in by Catamaran Ventures.

This isn’t the first time the Sunak family’s finances have come under scrutiny. Earlier revelations about Akshata Murty’s non-dom status, allowing her to avoid UK tax on overseas earnings, stirred controversy.

In response to criticism, Ms. Murty committed to paying UK tax on her foreign income. With her father being the founder of Infosys, one of India’s largest companies, and her ownership of shares in the firm valued at £700 million, the family’s financial affairs continue to be in the public eye.

Integrity and Ethics in Government

As the closure of Catamaran Ventures unfolds, Labour’s inquiry and the ensuing questions shed light on the need for transparency, accountability, and proper disclosure of financial interests.

With potential implications for government-backed businesses and taxpayer liabilities, the situation calls for a thorough examination to ensure integrity in political and business dealings.

As the political landscape evolves, the closure of Catamaran Ventures and its aftermath may become a focal point in the broader discourse on financial responsibility and ethical governance.

The post Sunak’s Family Finances Under Scrutiny Again as Labour Seek Answers first appeared on Edge Media .

Featured Image Credit: Shutterstock / Frederic Legrand – COMEO.