Kerala CM blames previous govt's KIIFB for financial crisis

Kerala Chief Minister VD Satheesan has laid blame for the state's deteriorating financial situation squarely at the feet of the previous Left Democratic Front government, citing massive losses incurred through the Kerala Infrastructure Investment Fund Board (KIIFB). After tabling a comprehensive report by an expert committee led by former Planning Commission Member-Secretary Sudha Pillai in the state Assembly, Satheesan indicated the government would carefully examine its findings and contemplate ordering a full-scale investigation. The KIIFB, established as a special purpose vehicle by the previous administration, was utilised to finance major infrastructure development projects across the state. According to Satheesan, the financial vehicles and transactions undertaken by the board have resulted in substantial financial losses for the government exchequer. The government has signalled its intention to conduct a thorough review of the expert committee's findings before determining its next course of action regarding potential investigative measures into the fund's operations and financial management.