Andhra Pradesh

Naidu becomes poorer by Rs.7.9 lakh

TDP chief N. ChandrababuNaidu declaring his assets in Hyderabad onThursday. Photo: Mohammed Yousuf  

Telugu Desam Party president N. Chandrababu Naidu, who served as Chief Minister for about nine years, is poorer compared to last year considering that the value of his assets had come down by about Rs.7.91 lakh.

The value of his assets at the end of the 2011-12 fiscal was just Rs.31.97 lakh, down from Rs.39.88 lakh, Mr. Naidu announced at a press conference here on Thursday with the rider he was declaring only the acquisition value of his assets as “the market values differ from time to time”.

His residence in Road No.65 in Jubilee Hills, constructed on a 1,125 square feet-plot purchased in 1985 and completed in 1992, is valued at Rs.23.2 lakh.

Other assets

Mr. Naidu’s other assets include an Ambassador car, NSC certificates and balance in savings bank accounts – all put together at Rs.8.77 lakh. The decrease in his assets’ value has been attributed only to his reduced savings bank balance.

The net assets of his wife, Bhuvaneswari, he said, amounted to Rs.24.53 crore, that of his son N. Lokesh Rs.6.62 crore and daughter-in-law Brahmani Rs.2.1 crore. In effect, the net assets of Mr. Naidu’s family add up to Rs.35.59 crore, including investment of Rs.2 crore in an unlisted company, Nirvana Holdings.

The former Chief Minister explained that he was making public his assets for the second year in a row in his endeavour to be transparent in public life.

He recalled that an Ethics Committee of the Assembly was set up in 1999 when it was resolved that all MLAs should declare their assets. He had been submitting the figures to the Speaker every year since then.

Mr. Naidu said that in the wake of the increasing corruption and irregularities in the Central and State governments, the Congress leaders were trying to convert their ill-gotten money into white by making investments in various companies.

He said the anti-corruption movements taken up by Anna Hazare and Baba Ramdev had dissipated due to their political overtures and allegiance.

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Printable version | May 7, 2021 10:44:17 AM | https://www.thehindu.com/news/national/andhra-pradesh/naidu-becomes-poorer-by-rs79-lakh/article3893941.ece

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