Kottayam: Mr. George C. Kappen, president of the Keezathadiyoor service cooperative bank, has denied the allegations that he had flouted the cooperative bank norms while proposing to purchase the 50 cents of land owned his wife, son and daughter-in-law in Pala town for the developmental purpose of the bank. Though initially the bank allowed the purchase, the plan was dropped after Mr Jojy Joseph, a shareholder, challenged the decision in the High Court.
Mr Kappen told reporters here that the bank had complied with the norms according to which the relatives of the bank authorities could sell the land to the bank. “We received 16 quotations for the sale of their lands to the bank, including by my wife, son and daughter-in- law. Since there were no legal objections, the bank allowed it,” he said.
The Kerala Congress (M) had alleged that Mr George had flouted the cooperative bank norms stipulating that the administrators of the bank should not involve in the purchase of a property in which he/she has an interest. The KC (M) also demanded an investigation into the alleged real estate business being conducted by Mr George Kappen and some other director board members of the bank. Mr Kappen had won the bank president election as an LDF independent.
