TDP demands inclusion of Jagan as A-1 in Kakinada port forcible shares transfer case

Vijayawada: The ruling TDP on Thursday demanded the inclusion of former chief minister YS Jagan Mohan Reddy as accused No. 1 (A-1) in the case registered on the forcible transfer of shares in Kakinada Seaport Pvt Ltd (KSPL) and Kakinada Special Economic Zone (KSEZ). TDP spokesperson Anam Venkata Ramana Reddy alleged that the conspiracy to seize KSPL for a pittance was "orchestrated by Jagan" and executed by his associates Vijaysai Reddy, Sharathchandra Reddy, and Vikranth Reddy. He said no one believed him when he first raised the KSPL issue in March and highlighted the fact that no sane person would sell properties worth 1,900 crore for just 12 crore.Citing the valuation report by noted consultant Rohit Chaturvedi, he said one acre of land in KSEZ was valued at 50.2 lakh. At this rate, the value of Karnati Venkateswara Rao's shares would be nearly 1,900 crore, but Aurobindo Realty purchased the land for just 29,000 per acre from Rao. "It's clear that Rao's property was seized at gunpoint. Similarly, Rao's shares in KSPL were valued at 2,689 crore, but were acquired for just 494 crore. KSPL earned gross revenues of 330 crore in the year it was sold. This year, the revenues were between 451 crore and 530 crore. Who would sell this kind of profit-making business at dirt-cheap prices unless coerced?" asked Anam, who is also the chairman of AP State Aquaculture Development Authority. He further alleged that soon after YSRCP came to power, a conspiracy was devised to seize Rao's businesses. Accordingly, a Chennai-based auditing firm was engaged by state govt and Rao was threatened with 1,000 crore penalties. "He was threatened with cases and forcibly stripped of his stakes in KSPL and KSEZ. Surprisingly, the penalty of 1,000 crore was reduced to just 9 crore after Rao's shares in KSPL were transferred to Aurobindo Realty," said Anam, demanding, "everyone involved in this robbery", including Jagan, should be arrested.
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