National Herald Case: ‘Where is the money laundering in it?’ Chidambaram raised questions on ED action against Congress leaders

Senior Congress leader and former Finance Minister P Chidambaram on Monday strongly defended the party’s stand in the National Herald case, stating the action of the Enforcement Directorate (ED) as an open misuse of power aimed at targeting Sonia Gandhi and Rahul Gandhi. Addressing a press conference here today, Chidambaram, citing detailed financial and legal facts, said that there is no evidence of money laundering or financial irregularity and termed the ED’s charge sheet as a politically motivated attack by the ruling establishment to discredit the main opposition party.

 

He said that the National Herald, Navjivan and Qaumi Azad are symbols of freedom struggle. It is the duty of every Indian to preserve and cherish these symbols. The National Herald is owned by Associate Journal Limited, a company registered in 1937–38 and a public limited company. AJL has six immovable assets in India. The property of Lucknow alone is an independently owned property. Other assets of Delhi, Panchkula, Mumbai, Patna and Indore are allotted leasehold assets on the condition that property cannot be sold.

Highlighting the matter of heavy losses to AJL, Chidambaram said, “AJL and National Herald, could not pay legal dues and salary-allowance. The outstanding liability on AJL was very large. Between 2002 and 2011, the Congress party intervened and paid an advance of Rs 90 crore in small installments through checks. Went.” Chidambaram said that AJL was restructured after taking legal advice.

 

He said, “AJL was a debt-ridden company. It was decided to restructure the company on legal advice. In 2010, a new company Young Indian was formed under Section 25 of the Company Act, which was a non-profit company. Young Indians were four shareholders, who were all senior officials of the Congress party. Young Indian took the loan of Rs 90 crore to the Congress Party after paying Rs 50 lakh.”