Oil refinery project mired in controversy
View(s):The much-touted, proposed US$ 3.8 billion-worth oil refinery project, which ran into controversy this week, has triggered more issues after it was discovered that the Indian investor has an allegedly, dubious past.
After news agency reports stated that the Oman Government had no role in the project, contrary to the announcement by the Board of Investment (BOI), the BOI on Thursday clarified the issue saying while it admitted that there was “no agreement that has been signed between Oman’s Ministry of Oil and Gas and Silver Park International PTE Ltd with regard to equity arrangements of the project”, it was aware that Oman Oil Company has registered “their firm intention” to participate in equity up to 30 per cent.
Although the Government announced the project at a news conference on Tuesday, stating that Singapore-based Silver Park International PTE Ltd was the main investor, a closer examination of Silver Park’s website, www.silverparkinternational.com reveals that the company is Chennai-based and founded by Dr. S. Jagathrakshakan and Ms. Anusuya Jagathrakshakan.
The Indian businessman was a member of India’s Lok Sabha (Parliament) and one time Minister of State for Commerce and Industry. According to Wikipedia, he was at the “centre of controversy in various issues like the Coal scam exposed in March 2012 where he is alleged to have utilised his political clout for illegal coal allocation for his company in 2007.”