'Cooperative bank scams, EP Jayarajan and Saji Cherian'; CPM state secretary presents report

KOLLAM: The report presented at the CPM state conference mentioned irregularities in the cooperative bank sector. Non-repayment of loans taken by party leaders and members were blamed for creating financial crisis in CPM ruled cooperative banks.

“Many cooperative banks have financial liabilities of crores. Leaders are not giving any seriousness to the circulars issued to repay the loans.” The report also states that the financial irregularities have created a big stain on the party's image.

The report suggests that members who intend to take large loans should seek approval from the upper committee. The reference was made citing the financial rigmarole in the Karuvannur bank case. The report was presented by CPM state secretary MV Govindan. The report also contains severe criticism against EP Jayarajan and Minister Saji Cherian.

“EP was removed from the post of LDF convener due to operational lapses. EP Jayarajan's absence from secretariat activities was concerning. The leader is active only during state conferences. Apart from this, unscrupulous trends are surging among party workers.” The report also mentions the context in which Saji Cherian was forced to resign.