CDPQ has 20% stakes in SNC Lavalin: Ramesh Chennithala

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

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 mentionethat it was in Canada and Singapore that the bonds had been listed.

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

Chennithala alleged that the state government is giving interest on these bonds at an exorbitant 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.