Good Law Project hopes to shed light on whether there are links between the Prime Minister and surging profits from Moderna investments
The Prime Minister has been ordered by the Information Commissioner to reveal details of his dealings with the hedge fund he co-founded after speculation about whether he profited from the firm’s lucrative Moderna investment.
Rishi Sunak was a founding partner of the investment firm Theleme Partners, before he left in 2013 to enter politics. The company saw its profits more than double in the year up to 2022, having heavily invested in Covid vaccine manufacturer Moderna.
The Good Law Project is among critics asking whether the UK PM benefited from this investment, as Sunak has so far refused to answer questions on whether he profited personally from Theleme and the surge in the share price of Moderna.
The UK Government signed a 10-year partnership with Moderna at the end of 2022 for an undisclosed sum, with Theleme heavily invested in the biotech firm.
If Sunak does retain a financial interest in Theleme then it would present a major conflict of interest scandal, the political non-profit Good Law Project has said.
Initially the Treasury blocked a request by the Good Law Project to disclose the details of the then Chancellor’s contact with Theleme Partners during the pandemic, despite admitting to having the communications.
This was challenged by the law organisation through a lengthy complaints process, which found the Information Commissioner’s Office validated their demand and has now issued the order for the government to shed light on the topic.
The Prime Minister must now reveal his dealings, including on email, text and Whatsapp, with Theleme over its lucrative investment in Moderna.
However it seems the Government is not so keen on the information to come to light, as the Director of the Good Law Project Jo Maugham updated the story on X later today.
Maugham said: “And we have just heard from our lawyers that HM Treasury has appealed the ICO’s decision. Transparent about whether Rishi Sunak has benefitted from public money going to his old hedge fund? He’s like a vampire confronted with sunlight.”
Rishi Sunak is the UK’s richest ever Prime Minister and boasted an annual income of £2.2m last year, rising from £2m the previous year. Theleme had previously denied that Sunak retains an interest “either indirect or direct” in its funds, however the Good Law Project has questioned how the company could know this when its managed by a blind trust.
(Image credit: Image credit: Simon Walke / Number 10 Downing Street – Creative Commons)
Hannah Davenport is news reporter at Left Foot Forward
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