Chidambaram Denounces ED's Allegations: A Political Vendetta Against Congress Leaders

Senior Congress Leader P Chidambaram condemns the Enforcement Directorate's actions in the National Herald case as a politically motivated attack on Sonia and Rahul Gandhi. He dismisses money laundering charges, highlighting AJL's financial challenges and restructuring efforts, while stressing the Congress party's commitment to fight the alleged abuse of power.

Senior Congress leader and former Finance Minister P Chidambaram on Monday vigorously defended his party's position in the National Herald case, denouncing the Enforcement Directorate's (ED) actions as a "blatant abuse of power" intended to target Sonia Gandhi and Rahul Gandhi. Speaking at a press conference, Chidambaram detailed financial and legal aspects to assert that no evidence of money laundering or financial impropriety exists, labeling the ED's chargesheet as an orchestrated attack by the ruling government to malign the principal Opposition party.

Chidambaram emphasized the historical significance of National Herald, owned by Associate Journals Limited (AJL), a public limited company established in 1937-38. He highlighted AJL's financial struggles, including unpaid taxes and dues, and explained that the Congress party had advanced funds to AJL between 2002 and 2011 to settle liabilities, including wages and salaries. On legal advice, the debt-ridden AJL underwent a restructuring by forming Young Indian, a not-for-profit company in 2010, taking over AJL's loan initially provided by the Congress party.

Chidambaram elaborated on the restructuring details, comparing it to similar financial practices like the government's equity conversion of Vodafone India's liabilities. He asserted that Young Indian operated under strict legal conditions prohibiting profits distribution. He expressed outrage at what he perceives as a politically motivated assault on Sonia Gandhi and Rahul Gandhi's reputations and vowed that Congress will fight back and prevail against what he describes as a vendetta and abuse of power by the ED.

(With inputs from agencies.)