> ## Content Index > Fetch the complete content index at: https://www.europeans.today/llms.txt > Use this file to discover other available public pages before exploring further. # Sunak-linked hedge fund sees pandemic profits soar to £109m - URL: https://www.europeans.today/2023/02/06/sunak-linked-hedge-fund-sees-pandemic-profits-soar-to-109m/ - Published: 2023-02-06T02:00:00.000Z - Updated: 2023-06-18T01:03:11.000Z - Description: Has Rishi Sunak benefitted from Government contracts during the pandemic? A hedge fund, where the Prime Minister was a founding partner, has seen its profits more than double in a year. - Author: Good Law Project - Tags: COMMENT, Good Law Project, Investigation, Justice, Moderna, Rishi Sunak, Theleme Partners, United Kingdom, UK Politics ### Has Rishi Sunak benefitted from Government contracts during the pandemic? A hedge fund, where the Prime Minister was a founding partner, has seen its profits more than double in a year. Annual reports published on [*Companies House*](https://find-and-update.company-information.service.gov.uk/company/OC347655/filing-history?ref=europeans.today) reveal that *Theleme Partners* made £109m in the year up to 31 March 2022 – a £65m increase from the previous year. *Theleme* is heavily invested in COVID vaccine manufacturers *Moderna* – which last month signed a [10-year partnership](https://www.gov.uk/government/news/uk-cements-10-year-partnership-with-moderna-in-major-boost-for-vaccines-and-research?ref=europeans.today) with the UK Government for an undisclosed sum. The Prime Minister left the company in 2013 in order to pursue his political career. However, he has [refused](https://www.theguardian.com/politics/2020/nov/17/rishi-sunak-refuses-to-say-if-he-will-profit-from-moderna-covid-vaccine?ref=europeans.today) to deny that he will profit from a surge in the share price of vaccine manufacturer *Moderna* and subsequent profits from *Theleme*. The mystery is further compounded by the [failure](https://twitter.com/JolyonMaugham/status/1619953009714413570?s=20&t=-KEoV6hh2mlUuo5esToN6g&ref=europeans.today) of the PM to publish his tax returns, despite promising to do so. In 2020, Sunak hired [John Sheridan](https://www.thetimes.co.uk/article/chancellor-rishi-sunak-turns-to-hedge-fund-colleague-john-sheridan-to-help-on-loans-scheme-5h9z7cjlz?ref=europeans.today), a partner at *Theleme*, to advise the *Treasury* on COVID policies. The fund has invested 34% of its pot in *Moderna* – its single biggest investment, [reported](https://wallmine.com/fund/2r5/theleme-partners-llp?ref=europeans.today) to be valued at $710m. *Theleme Partners LLP*’s parent company is based offshore in the Cayman Islands and lists the notorious *Ugland House* as its address. The small office is the registered home to approximately 40,000 entities. In the past, former U.S. President Barack Obama was highly [critical](http://news.bbc.co.uk/1/hi/world/americas/7972695.stm?ref=europeans.today) of this arrangement and labelled the building as *“the biggest tax scam in the world”*. In a recent [press release](https://www.prnewswire.co.uk/news-releases/statement-on-behalf-of-theleme-partners-llp-301736308.html?ref=europeans.today), *Theleme* said: 🧾 “*Rishi Sunak worked at Theleme from 2010 to 2013\. Once he left, he ceased to have any ongoing financial interest in the funds managed by Theleme. Neither Mr Sunak, nor any of his family members, have held a financial interest in any fund managed by Theleme, or in any Theleme management company entity, since 2013.”* When asked, *Theleme* denied that Mr Sunak has any interest *“either indirect or direct”* in its funds. However, when asked how it could possibly know whether Mr Sunak was a beneficiary under a trust that held *Theleme* funds, it failed to respond. According to the latest [list of Ministerial Interests](https://www.gov.uk/government/publications/list-of-ministers-interests/list-of-ministers-interests-may-2022-html?ref=europeans.today), Mr Sunak’s wealth is managed by a blind trust. *Theleme* also asked us to make clear that Jolyon Maugham KC, Director of *Good Law Project*, had represented its founder, and Mr Sunak’s then-boss, Patrick Degorce, in court. It’s a matter of public record that Mr Degorce embarked upon a tax avoidance scheme and that Mr Maugham acted for him in the tax tribunal. The cabinet was approached for comment, but they haven’t responded. ![PMP Magazine](https://storage.ghost.io/c/15/40/1540bec0-7154-4feb-b8e1-97f579155b08/content/images/2021/09/end-flat-1.png "PMP Magazine") ### --- --- ### ⚖️ *GoodLawProjectonly exists thanks to donations from people across the UK. If you’re ina position to support their work, you can do so [here](https://glplive.org/dd-cev-2701?ref=europeans.today).* --- ##### Sources ▪ **Text:* This piece was originally published in [GoodLaw Project](https://goodlawproject.org/sunak-linked-hedge-fund-sees-pandemic-profits-soar-to-109m/?ref=europeans.today) and re-published in PMP Magazine on 6 February 2023, with the authors’ consent. | The authors write in a personal capacity.* *▪ *Cover:* Flickr/[Number 10](https://www.flickr.com/photos/number10gov/52665117484/?ref=europeans.today). - PM Rishi Sunak. (Licensed under a [Creative Commons Attribution-ShareAlike 4.0 International License](http://creativecommons.org/licenses/by-sa/4.0/?ref=europeans.today).)* ![Creative Commons License](https://i.creativecommons.org/l/by-sa/4.0/88x31.png "Cover photograph license")