Financial scam: Businessman had met Sitaram Yechury

THIRUVANANTHAPURAM: A UAE-based industrialist had reportedly sought CPM general secretary Sitaram Yechury’s intervention in amicably settling the financial issues between the Dubai-based company and Kodiyeri Balakrishnan’s son Binoy. His former business partner Rakhul Krishnan’s father-in-law Rajendran Nair, while speaking to a regional news channel, said the businessman had met Mr Yechury along with a Supreme Court lawyer.

He said while there are no issues with the CPM or its leadership, the family was not ready for a compromise and repay the loan. “They have taken money from us so shouldn’t they be repaying the amount?" he asked.  "The issue has not been raised to tarnish anyone’s image." Mr Nair said Rakhul’s family had a close relationship with the CPM and his father had worked with E.M.S. Namboodiri- pad. The matter has now been politicised. Meanwhile, in a note, Rakhul Krishna said for over two years he had not complained against Binoy.

"I was the partner of JAAS Tourism LLC in Dubai. I'm not the partner anymore. Also, I never had any partnership business with Binoy/Sreejith ever. I tried to facilitate money for them through my liquidity and leverage from UAE banks based on my company's annual turnover of over Rs 120 crore. I myself was the 49 percent partner, and Hassan Ismaeel Al Marzouqi had the 51 percent stake. I am a farmer entrepreneur in Kerala now without any other income for me to live and then eventually sold all my gold and property. Took all money from wherever we could by pledging all we had, to repay this debt in Dubai created by other people which is still due,” he said.