Keezathadiyoor service cooperative bank chief denies flouting norms

Kottayam: Mr. George C.  Kappen, president of the  Keezathadiyoor service cooperative bank, has denied the allegations that he had flouted the cooperative bank norms while proposing to purchase the  50 cents of land  owned his wife, son and daughter-in-law in Pala town  for the developmental purpose  of the bank.    Though initially the bank allowed the purchase,  the plan was dropped after Mr Jojy Joseph, a shareholder, challenged the decision in the High Court.

Mr Kappen told reporters here that  the bank had complied with the norms according to which the relatives of the bank authorities could sell the land to the bank. “We received 16 quotations for the sale of their lands  to the bank, including by my wife, son and daughter-in- law. Since there were no legal objections, the bank allowed it,” he said.

The Kerala Congress (M) had alleged that Mr George had flouted the cooperative bank norms stipulating that the administrators  of the bank should not involve in the purchase of a property in which he/she has an interest. The KC (M) also demanded an investigation into the alleged real estate business being conducted by Mr George Kappen and some other director board members of the bank. Mr Kappen had  won  the bank president election as an LDF independent.