The Hindu : Andhra Pradesh / Hyderabad News : TD seeks probe into port development projects

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Tuesday, Jul 15, 2008
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Andhra Pradesh

Andhra Pradesh - Hyderabad

TD seeks probe into port development projects

Special Correspondent

HYDERABAD: The Telugu Desam Party has demanded CBI inquiry into the alleged “financial irregularities” in acquisition of a joint venture company with which the government entered into MoU for the development of Nizampatnam and Vodarevu ports.

Addressing a press conference, TDP spokesman M.V. Mysoora Reddy alleged that just three days after the MoU was signed, shares were bought, raised and a part of it transferred from one company to another. After these hectic transactions and three months later, the parent company was now executing the works, clearly indicating that the original firm was floated as joint venture with a unit from another country just to bag the contract, he alleged. Such irregularities would not have happened without the government looking the other way.

He alleged that the same company, again through different firms, invested Rs. 75 crore in the newspaper launched by a close relative of a top ruling party leader. The Telugu Desam would bring this to the notice of the Union Finance Minister and insist on inquiries by the CBI and Revenue Intelligence.

He said discussions were on between the TDP and the BSP for better floor coordination in the Lok Sabha when the UPA government would seek vote of confidence. TDP president, N. Chandrababu Naidu would be attending a meeting of the UNPA, BSP and Left parties at Delhi on July 19.

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