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KIIFB masala bond controversy is an attempt to stall Kerala's development: CM Pinarayi Vijayan

Contending that KIIFB was functioning by adhering to set guidelines, the CM said the state-controlled body does not make funds available after bargaining with other financial institutions. 

Published: 08th April 2019 01:21 PM  |   Last Updated: 08th April 2019 01:21 PM   |  A+A-

Pinarayi Vijayan

Kerala CM Pinarayi Vijayan (File | EPS)

By Express News Service

TIRUR (MALAPPURAM): Controversies surrounding the Kerala Infrastructure Investment Fund Board (KIIFB) are aimed at stalling development of the state, Chief Minister Pinararyi Vijayan said here on Monday. Pinarayi's response came in the wake of the Opposition UDF alleging irregularities in the masala bond issued by KIIFB.

Contending that KIIFB was functioning by adhering to set guidelines, the Chief Minister said the state-controlled body does not make funds available after bargaining with other financial institutions. The funds are being mobilised through the stock exchange in adherence to the Reserve Bank of India (RBI) guidelines, he added. Pinarayi was speaking at an election convention of the LDF in Tirur.

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On Saturday, Leader of the Opposition Ramesh Chennithala had alleged that a Canadian company having close links with SNC-Lavalin has bought a major part of the masala bond for Rs 2,150 crore issued by KIIFB.

Accusing the Leader of the Opposition and the BJP of speaking in the same voice, the Chief Minister alleged their motive was to stall the development of the state. "Besides stalling development, they also dream of converting Kerala into a land of controversies. It will only remain a dream," Pinarayi said adding that development will take its course irrespective of the controversies.

"The Leader of the Opposition and the BJP alleged major wrongdoing when KIIFB tried to mobilise funds from a Canadian company which was willing to provide it. They raise objection to the Canadian company giving fund to SNC-Lavalin. What about the State Bank of India which has given funds to Vijay Mallya and Nirav Modi,?" Pinarayi asked.

The Chief Minister chose to know from the Opposition whether the state government borrowing from SBI could be equated to mobilsiing funds from Vijay Mallya.



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