Kerala

KIIFB Masala Bond Saga Unveiled: ED’s Pursuit of Thomas Isaac Sparks Legal Showdown

Dismantling Defenses and Dissent: A Detailed Chronicle of Kerala's Ongoing Financial Drama

Kochi: The Enforcement Directorate (ED) has unveiled much evidence against former finance minister Thomas Isaac, reigniting the flames of the KIIFB Masala bond case in Kochi. ED’s zealous pursuit of Isaac dismantles a feeble defense put forth by Isaac Tadiyuran, who attempts to share joint responsibility for the KIIFB case.

Key Points:

  1. The Enforcement Directorate (ED) intensifies its pursuit of former finance minister Thomas Isaac in the KIIFB Masala bond case.
  2. Minutes of a crucial meeting reveals Isaac’s pivotal role in the Masalabond decision during his tenure as finance minister.
  3. KIIFB faces legal challenges in the High Court for contesting ED’s summons in the Masalabond case. The ED responds with accusations of evasion and attempts to thwart the investigation, setting the stage for a legal showdown.

The saga unraveled during Isaac’s tenure as finance minister when objections were raised by officials at various levels regarding the issuance of Masala bonds by KIIFB. Despite these objections, Isaac, taking on the role of financial authority, firmly rejected them. Minutes of the crucial meetings have surfaced, shedding light on Isaac’s pivotal role in the Masalabond affair.

During the crucial meeting, the chief minister oversaw dissent from the chief and finance secretaries, expressing concerns about masala bonds with steep interest rates. With unwavering determination, Isaac endorsed seizing international market opportunities despite high-interest rates.

Isaac’s letter to the ED, disavowing any special role in the Masalabond decision, is crucial to this unfolding drama. Despite his absence during the interrogation, the detailed letter now stands as evidence.

In response, the ED has unveiled the minutes of KIIFB’s Executive Committee and General Body Meetings. Masalabond emerged as the final agenda during the January 17, 2019 General Body meeting. The CEO, tasked with the decision to launch Masala bonds, presented a report cautioning about high interest rates in the current market.

As discussions unfolded, questions arose from the Finance Secretary and Chief Secretary, challenging the decision to issue Masala bonds at rates higher than domestic bonds. The meeting minutes witnessed dissenting voices, echoing concerns about the bond market’s viability and the potential difficulty in securing favorable offers.

Chief Minister Pinarayi Vijayan approved the meeting minutes on January 28, 2019, adding another layer to this intricate tapestry of decisions. Meanwhile, KIIFB finds itself in the High Court today, challenging ED’s summons in the Masalabond case. In its reply affidavit, the ED accuses KIFB officials of evading appearances and attempting to thwart the investigation.

Amidst these legal maneuvers, the High Court reconsidered KIIFB’s petition, arguing that the ED demanded previously submitted documents. Documents released yesterday unveil the roles of the Chief Minister and Thomas Isaac in the Masalabond importation. As Justice Devan Ramachandran presides over the plea, a new chapter unfolds in this ongoing political drama. The curtains rise, leaving the audience anticipating the twists and turns shaping Kerala’s narrative.

Rohit Sharma

Rohit Sharma is a seasoned Political Journalist with a deep passion for Indian Politics. With over a decade of experience in the field, he has established himself as a trusted… More »

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