Canadian firm that bought KIIFB bonds has close links with SNC Lavalin: Chennithala

Opposition leader Ramesh Chennithala alleged abnormalities in the masala bonds announced as part of Kerala Infrastructure Investment Fund Board (KIIFB) and said the Canadian company that bought the bonds has close links with SNC Lavalin.

Chennithala alleged that the company which bought the bonds in Canada, CDPQ, has 20% stakes in SNC Lavalin. He added that a prominent global funding agency in Canada, CDPQ is the largest stakeholder in SNC Lavalin.

Chennithala told the reporters that the state government has stated that masala bonds worth Rs 2,150, floated for raising funds for KIIFB, has been sold abroad. He mentioned that it was in Canada and Singapore that the bonds had been listed.

Chennithala also alleged that the state government is giving interest on these bonds at an overpriced rate of Rs. 9.85%. Moreover, he asked the state government to publish the names of foreign companies which had bought the bonds. SNC Lavalin and its associates would have a presence in the state whenever the LDF government assumed power, he said.

He demanded that the government should make it clear that whether it was accidental that CDPQ bought the bonds at a time when Pinarayi Vijayan is the Chief Minister. He also questioned Finance Minister T M Thomas Isaac to disclose his role in the deal.