In the declaration of assets and liabilities by the Union council of ministers to the PMO recently, Gowda had declared Rs 20.35 crore, an increase of Rs 10.46 crore compared to Rs 9.88 crore in the April-May 2014 Lok Sabha polls, according to a joint statement by the NEW and ADR.
Gowda clarified, "I had purchased a property from a third person and given it on rental to MS Ramaiah group of Institutions. During the process of filing nominations for polls, the said property and building was not with me. As soon as the property was registered in my name, I submitted all details to PMO's office. This included Rs 2 crore rental advance and Rs 8 crore Federal bank loan details. This property is not acquired illegally or by misusing my ministerial position. It is all done within the framework of law and in a transparent manner."
Also, a statement released by Federal Bank, Mangalore stated Gowda had availed of rent securitisation of Rs 8 crore against the rent receivables from MS Ramaiah Foundation. The limit was sanctioned on November 20, 2013 and further revalidated on May 23, 2014. The limits were disbursed on May 23, 2014, the same day the property was registered in Gowda's name and was mortgaged to us.
Gowda who appeared to have been battered by the recent tragedies, including his mother's loss and his son Karthik's indiscretions, refused to take any questions on his son or on the railways.
"It is wrong for public to assume that a people's representative's assets should not increase just because he is in public life. I have made some business decisions that saw my assets increase. These are purely done without misuse of my power since I became an MLA 25 years back," he said.
The property which saw his assets increase is a three storey building of 36,000 square feet bought from from K V Naidu. It is located at on New BEL Road, MS Ramaiah Nagar. He said that he has a loan of Rs 15 crore availed from Canara Bank, Corporation Bank and Federal Bank in Mangalore and from Apex Bank in Bangalore.
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