The Kerala Infrastructure Investment Fund Board (KIIFB) has challenged the affidavit of the Directorate of Enforcement (ED), which noted that former Finance Minister Thomas Isaac was instrumental in making decisions on the utilisation of KIIFB funds of masala bond.
In his affidavit filed before the Kerala High Court on Tuesday, K.M. Abraham, the CEO of the Board, said the statement was false and incorrect. The statement that Dr. Isaac played a key role in the end-use of the proceeds of the masala bond was false, incorrect, and misleading, the board contended.
Any statement made to the effect that Dr. Isaac had a key role in the utilisation of the proceeds of the masala bond or any other funds would seriously impair the professional image of KIIFB that it had assiduously built over the years. It will also damage the ability of KIIFB to raise funds from the financial markets within India and outside, the board argued.
