Chandrababu Naidu declares Rs 42 crore family assets - The New Indian Express

Chandrababu Naidu declares Rs 42 crore family assets

Published: 17th September 2013 08:11 AM

Last Updated: 17th September 2013 08:11 AM

Continuing the practice of declaring his and his family’s assets, Telugu Desam Party chief N Chandrababu Naidu on Monday said during the last financial year (2012-13), their total worth was Rs 41.70 crore.

According to him, his assets were worth Rs 42.06 lakh, his wife Bhuvaneswari’s Rs 33.05 crore, son Lokesh’s Rs 4.93 crore and Lokesh’s wife Brahmani’s Rs 3.31 crore.

Chandrababu Naidu said at a news conference that though there was no need for him to declare assets, he was doing so to set a healthy tradition in public life. “It would be better if all those who are in public life came out with the details of the assets they possess every year, he said.

Naidu denied he has any property in Singapore and dared those making such allegations to prove them. “If anyone proves I have property in Singapore or property other than declared, I am willing to give a share in it to him,” he said.

Referring to Heritage Foods Ltd, for which Bhuvaneswari is vice-chairman and managing director, he said the company was being run on professional lines and that it had 15 percent growth and paid 30 percent divided to shareholders. “The company never had any government support at any time, nor did it avail any concessions from it. Our family built the company without support from any one,” he said.

Naidu said by starting the company, his family was serving three purposes--it was providing employment to 17,000 people and income to four lakh farmers and supplying quality products to 11 lakh consumers.

He said he is of the firm view that if one is in public life one should declare one’s assets. “In fact, it was during the TDP regime in 1999 when ethics committee was formed by the then Speaker Y Ramakrishnudu to which legislators were required to submit details of their assets. Only after that the Election Commission came out with the rule that those contesting elections should announce their assets,” he said.

The TDP chief wanted this healthy tradition to continue. Asked if he would direct his MLAs to declare their assets, he said he was more interested if a legislation was brought making it mandatory for law makers to announce their assets.

Nadiu said if the country’s economy was in a rundown state, it was because of rampant corruption. Money is going out of the country in hawala route and is coming back into the economy as white money, he said and wanted the laws of the land be totally revamped.

“For instance, the Income Tax department is not bothered how you have earned money as long as you pay them 30 percent as tax,” he said and felt that there should be checks and balances to prevent anyone in positions of power to misuse political power and convert it into money. “This trend is very disturbing. If we have stringent laws, the bogey of corruption could be tackled,” he said, adding that because of this malady, the value of rupee has seen sharp depreciation.

He said he wanted a wide-ranging debate to take place at the national level to ensure that the country is free of corruption. Some legislations have to be made at the state and national levels. “I will definitely take an initiative in this regard,” Chandrababu Naidu said.

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