Friday, Jul 15, 2005
Friday, Jul 15, 2005 |
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Visakhapatnam
Santosh Patnaik
VISAKHAPATNAM: The controversy over payment of kickbacks through a joint venture company, Vasishta Wahan, is bound to send wrong signals to the investors. The alleged scandal broke out at a time when every one was going ga-ga about fast-track projects coming up in and around Vizag. With several foreign and domestic investors showing their interest to set up various units, the real estate prices witnessed a phenomenal increase during last few months. The hype over heavy investments by software companies and others may not last long if such shady deals are found more in number in future. Vizag had remained a natural choice for their investments because of saturation in Hyderabad, port and recreation facility. ``How do you expect investors to put their valuable money here when the Government itself is accused of striking a hanky-panky deal,'' asked an entrepreneur. The recent scandal leaked through a German radio broadcast after the Volkswagen AG fired its Indian representative, Helmut Schuster, for graft in Angola, Czech Republic and India, has been hitting the headlines for the last few days. The Major Industries Minister, Botsa Satyanarayana, who was in the eye of the storm, had played a key role in the formation of Vasishta Wahan. Though he has been stripped of his portfolio as a fire-fighting measure by the Government, his decision to take his cousin, Muralikrishna, to Germany and allow him to sit along with the officials during the talks with the auto major in April, has raised many an eyebrow. Whatever be the outcome of the proposed CBI probe into the entire muddle over the joint venture deal, the future road map to investments in this region will hinge on things that will unfold in the next few days, particularly during the monsoon session of the Assembly.
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