Defiant Elamaram Kareem says investor protection is government’s job

Kochi: Former Industries Minister Elamaram Kareem said protection of the interests of the people who invested in Inkel is of prime importance for the government.

Asked for his comments on the DC story on irregularities mentioned in the report of the Accountant-General on the transfer of KSIDC lands to Inkel during his tenure, Mr Kareem said, “I have not seen the report.

It is utter non-sense to say there are irregularities in the transfer of lands to Inkel.” Kareem said all governments gave lands for industrial development at concessional rates.

“The LDF government formed Inkel for creating industrial infrastructure in the State,” he said.

“We took enormous efforts in convincing investors, even those from abroad, to put their money in the company.

Till now, they have not got one rupee back. The government is duty-bound to protect their interests.” He said it is only technical to call Inkel a private company.

“The industries minister is the chairman of the company and the government appoints its managing director.

The government has a say in its functioning,” he said. When pointed out that Inkel was leasing out the premises it has created for industries on commercial rates, and not on concessional rates, Kareem said the present minister should address the issue.

Asked if he, as minister, would have ensured that the entrepreneurs got space at concessional rates, Kareem said the rates would be such that it ensured the survival of the company.

The newspapers and the accountant-general take things on technical terms, and do not understand the grievances of the investor community, he said.