Industries Minister P K Kunhalikutty on Thursday directed Additional Chief Secretary (Industries) V Somasundaram to conduct a detailed inquiry into the sanctioning of loans to the owners of Miraflores estate, Nelliampathy, by the Kerala State Industrial Development Corporation (KSIDC).
This follows the findings of the Finance Inspection Wing that an unholy nexus existed between KSIDC officials and owners of Miraflores, which resulted in a loss of Rs 75.67 crore to the KSIDC.
Express on Tuesday and Wednesday reported that the Finance Inspection Wing had found that the estate owners had conducted gross violations in availing of multiple loans from the KSIDC.
A detailed report regarding loans availed of by the owners of Miraflores estate was also sought from KSIDC Managing Director Alkesh Kumar Sharma.
It was found that the collateral security pledged by Miraflores’ owners in KSIDC to avail of `5.89-crore loan as promoters of seven companies under Trend Group of Companies during 1990-96 was not enough to cover the loss.
The report concluded that the KSIDC Board of Directors, without reckoning the default in repayment of existing loan, sanctioned fresh loans to the new companies floated by the same promoters.
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