Norwegian fertilizer scam is latest headache for UPA govt

Here is an addition to the chain of frauds that allegedly took place under the watch of the United Progressive Alliance.

Citing documents provided by the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime, The Hindu has today reported that a fertilizer giant based in Norway had paid $1 million in kickbacks to a top bureaucrat’s son to help it forge a joint venture pact with an Indian public sector company.

[caption id=“attachment_134519” align=“alignleft” width=“380”]  Representational image.[/caption]

The companies in question are Yara, which is the largest mineral fertiliser company in the world, and India’s Krishak Bharati Cooperative (Kribhco).

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The amount was allegedly paid to Gurpreetesh Singh Maini, whose father Jivtesh Singh Maini was Finance Ministry Additional Secretary and Kribhco board member in 2007, when the Norwegian company was trying to sign a joint venture agreement with the Indian company, said the report.

The money was routed to an account in Hong Kong that was of a company called Krystal Holdings & Investments Limited (British Virgin Islands). The father-son duo’s spouses were the beneficial owners of the company, The Hindu report said citing the documents.

The Mainis were supposed to get $3 million over 1 January 2007 to 31 December 2009, according to the report. However, the joint venture deal did not materialise.

Yara has acknowledged to the misdeeds. The company has been fined $48 million in Norway for corrupt practices in India, Libya and Switzerland, The Hindu report said.

Read the entire report in The Hindu here.