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Emaar has not paid us even a rupee: APIIC

HYDERABAD: The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has informed the High Court that it was deceived by its private partner Emaar Properties of Dubai in all respects and due to this deceit, it could not receive a single rupee of income so far despite the sale of crores worth of its plots and villas.

The corporation was responding to a direction given by the HC which, while hearing a writ petition earlier, asked the corporation to file its reply to the contentions raised in the petition.

This petition was taken up based on a letter written by the state handlooms minister P Sankara Rao, who charged the authorities with conniving with private players and causing loss to the state exchequer. “We entered into an agreement with Emaar Properties of Dubai to develop the land into township, golf course and other facilities. But by keeping our corporation in dark, the Emaar properties entered into clandestine agreements with Emaar-MGF and Stylish Homes companies only with an intention to defraud us”, the APIIC’s general manager (law) A Rashmi said in her counter.

The fact that Emaar Hills township project and the Emaar MGF has the same person as CEO shows that they have been working in tandem to cause loss to the APIIC, she said. Not only that, the Emaar’s agreement with Stylish Homes too was a pre-planned one and the corporation was not in the know of the things in this regard till four months ago, she said.

Moreover, the Emaar stood as guarantor to Emaar-MGF and was instrumental for the granting of a Rs 150 crore loan for developing the property. This shows that none of these companies have got the capacity to execute the project though in the original agreement Emaar properties claimed that it has the financial capacity to execute the project, she said. “We have initiated civil and criminal proceedings against the concerned and we are ready to abide by any other direction given by this court,” she said.

The minister was seeking a CBI probe into the matter.

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