Chief Minister Pinarayi Vijayan has received an invitation to attend the launching of Kerala Infrastructure Investment Fund Board (KIIFB) masala bond on May 17. KIIFB had sold masala (Rupee-denominated overseas) bonds worth Rs 2,150 crore. Kerala is the first State to go in for such a bond. All procedures had been completed for the subscription.
Pinarayi will have to seek the Centre's approval to attend the launch event. Officials said Pinarayi had plans to attend an event in Geneva in May as part of a project for rebuilding Kerala after the 2018 August flood. He proposes to attend both the functions. Subscription for the bond had come in for sharp criticism with the Quebec Deposit and Investment Fund (CDPQ), connected with controversial SNC Lavalin getting a chunk of the bonds.
Opposition leader Ramesh Chennithala had said that Lavalin connection came up only during the LDF regime. SNC Lavalin has been in the midst of a row in the State as Chief Minister Pinarayi Vijayan is facing charges of having struck a deal with the firm when he was power minister during the regime of EK Nayanar in 1995 and causing huge loss to the exchequer. The Supreme Court is to take up the case in May.