Tory Donor Behind Sunak Jet Denies Misleading Investors
A Conservative donor, who has had his global assets frozen, denies misleading investors in a company he part-owns. Akhil Tripathi, the co-founder of Signifier Medical Technologies (SMT), claims he has acted honestly despite allegations of fraud against him.
Private Jet for Rishi Sunak
Mr Tripathi paid £38,500 to fly Rishi Sunak and eight of his aides by private jet to the Scottish and Welsh Conservative Party Conferences in April of last year. This trip coincided with a visit to Downing Street. More than that, Tripathi has donated over £100,000 to the Conservative Party between July 2021 and May 2023.
Allegations from Investors
Over the past year, investors have brought five cases against Tripathi personally or SMT. These cases call for a "forensic investigation" into the company's "financial activities," the sale of shares, and "political donations." The Labour Party has pressed the Conservatives to provide a "full and honest account" of their checks on Tripathi's background before accepting his donations.
Accusations of Deception
One notable claim is that Tripathi deceived investors when they bought shares in 2020 from another shareholder. This shareholder was then married to a close business associate of Tripathi. The investors allege that Tripathi misled them by claiming the shares were at a discount due to the shareholder's "messy divorce."
Soon after the share purchase, payments from the shareholder's account were made to a "Mr A.S." (Tripathi's initials) and were referenced as "gifts" to A Tripathi. Investors believe they were misled, thinking the shareholder needed money for her divorce, while much of the money from the share sale was "gifted" to Tripathi. This has led investors to suspect that Tripathi was the real beneficial owner of the shares.
Legal Proceedings and Asset Freeze
Court documents reveal that the investors' lawyers argue there is "no obvious innocent explanation" for Tripathi receiving the sale proceeds. They suggest some proceeds were used for "chartering yachts and all sorts of jollifications." In March, the High Court froze just over £14m of Tripathi's personal assets, including a townhouse in Belgravia. The judge found that investors had "an arguable case" that the share sales were induced by Tripathi's fraudulent misrepresentations. Tripathi has denied these allegations.
Tripathi's Defense
In his defense filed this week, Tripathi denied he was divesting from SMT. He stated he has loaned the company $5m (£4m) since January last year, demonstrating his commitment. He also denied being the beneficial owner of the sold shares. His lawyers argued that the sale was motivated by the seller's personal circumstances, and the "gifts" received were held in trust for investment purposes. They added that the seller later agreed to treat the funds as an unsecured loan for Tripathi to use.
Conservative Party Statement
The Conservative Party has stated, "Donations to the Conservative Party are properly and transparently declared to the Electoral Commission, openly published by them, and comply fully with the law."
The investors have not yet served the seller with court papers, so she has yet to respond to their allegations.
