CID, ACB to investigate, role of Jasti Krishna Kishore in the Moolex-Govt MoU case

By Newsmeter Network  Published on  13 Dec 2019 4:57 AM GMT
CID, ACB to investigate, role of Jasti Krishna Kishore in the Moolex-Govt MoU case


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Vijayawada: The CID and ACB will probe into the circumstances that led to an MNC being denied permission to enter into a MoU with the then government, despite the company having been invited for the high-profile Partnership Summit hosted in Visakhapatnam last year.

The credentials of the MNC, Q8-Moolex, were impeccable and they had submitted a proposal expressing a desire to invest to the tune of a whopping of Rs. one lakh crore in the State. The proposals were sent to both the Chief Minister and Economic Development Board (EDB), based on which the latter invited Q8 Moolex to the Partnership Summit on February 26.

New York-based Moolex, which proposed to invest Rs one lakh crore in Andhra Pradesh, across disciplines in a phased manner, was invited to the Partnership Summit

The Q-8 Moolex, based in New York, wished to invest in diverse sectors, including housing, economic zones, welfare schemes, sports infra, sea ports, airports, and Smart City initiatives. They assured nearly eight lakh highly remunerative jobs. Those apart, they also came up with further plans to support commercial crop market with a guaranteed 400 percent increase in Minimum Support Price (MSP).

Moolex proposed investments in housing, smart cities, Inland water bodies’ management and Infrastructure

In his letter, the company CEO Dr. Rahul Chaturvedi stated that the interests of Moolex were in large-scale infrastructure, waste to energy, sewage treatment facilities, E-waste management, Inland water-body preservation and management, including water-front forestation, cleaning, dredging and continuous robotic, automated cleaning of water bodies, costal border preservation and management, fresh and brackish water aquaculture food park along with feeder farms for controlled aqua-culture and hydroponics.

A bigger catch was in the debt-refinancing option, which could have come in handy to reduce payment of higher interest rates to financial institutions like NBFC.

Armed with such unique proposals, the MNC’s Indian consultants approached the then EDB CEO Jasti Krishna Kishore and other senior officials on February 26, the tentative MoU signing date. To their astonishment, at the appointed hour, the Moolex delegation was asked to wait only to be informed later that the government officials were short on time that day.

Constraints in construction technology has been preventing Moolex and subsidiary companies to enter into MoU with GoAP

EDB officials reasoned that as the company representatives had not approached them in person, it would take time to sign the MoU. Moreover, it was possible only after consultations with Moolex authorities, the team was told.

It is believed that communication gap within EDB and some key officials being kept in the dark has led to this embarrassment. Clearly perturbed, the Indian consultants of the MNC have registered their protest.

Now, the CID and ACB will both reinvestigate the Moolex episode in order to find out the facts that prompted Moolex to withdraw their proposal. Both agencies will specifically investigate the role of Krishna Kishore in this murky affair.

It is learnt that Q8-Moolex lodged a complaint with the State Government, after YSRCP came to power.

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