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Kerala’s KIIFB on the boil as ED launches probe
March 03, 2021
Kerala Finance Minister Thomas Isaac has dared the Centre to do what it can with Kerala Infrastructure Investment Board (KIIFB), a body corporate financial institution set up by the cash-strapped State government to mobilise funds from outside sources for infrastructure development in the state.
“If the idea is to continue to intimidate the State government in the matter, we would be ready to give it back in kind,” Isaac thundered in a Facebook post after the Enforcement Directorate (ED) announced a probe into the working of the key infrastructure funding arm of the State government.
With just weeks to go for the Assembly polls, Kerala Finance Minister Thomas Isaac has hit out at the centre over the Enforcement Directorate filing a case against the KIIFB claiming violation of FEMA Act, for "alleged attempts to subvert elections"
Targeting Union Finance Minister Nirmala Sitharaman, who recently criticised the KIIFB, he alleged the union minister was "misusing" her subordinates for political motives.
The ED is probing whether the KIIFB violated provisions of the Foreign Exchange Management Act (FEMA) in its external borrowings through "Masala Bonds".