If you wish to see AP grow, stop buying or watching Sakshi media: Nara Lokesh hits out

Andhra Chief Minister N Chandrababu Naidu’s son Nara Lokesh has chosen to hit out at 'hypocritical media' after his affidavit to the Election Commission (EC) this week showed that his assets were almost 20 times more than what he had claimed in October last year.

The affidavit came to light as Lokesh filed his nomination papers for the Member of the Legislative Council, under the MLAs’ quota this week.

Lokesh's affidavit, which was submitted along with his nomination papers on Monday, declares his total assets to be Rs 329.52 crore.

However, this figure was in stark contrast to October 2016, when Lokesh said that the entire Naidu family together owned assets of Rs 74 crore.

As part of an annual tradition, Lokesh has been announcing his family's assets publicly for the past six years.

Lokesh has now claimed that the two different figures were due to Election Commission's requirement of stating assets as per market value.

In a detailed Facebook post, he has hit out at Sakshi, a media house owned and operated by the family of YSRCP leader Jagan Mohan Reddy.

Calling Sakshi an 'anti-AP' establishment, Lokesh claimed that they were spreading lies against him and Jagan Mohan, an accused in various cases had no locus standi to do so.

Read the full Facebook post below.

I am appalled at the lies and packaged misinformation being spread by Sakshi and other media outlets over declaration of assets. I wish to make use of social media to give them and the people (to whom I am answerable) the complete picture and correct the erroneous conclusion drawn based on half-facts and misleading omissions.

We are the first political family in the Country to voluntarily declare our assets, holdings and liability and give annual updates on them. This has been an honest exercise we’ve been adhering to since many years, and would continue doing so in the future too. My shares worth Rs 1.64 crore in Heritage represent a dynamic wealth as stock market prices fluctuate. The holding has been constant for over a decade (not a single share sold or purchased) and hence we presented the original investment made in obtaining the shares. In contrast, the Election Commission has mandated the market price to be given as on date of listing. Since the asset declaration details are fairly straightforward, anyone can calculate the market value – if they feel that is the right criteria – to ascertain how much my shareholding in a publicly listed company is worth. That then would have served as an apt comparison, and the increase might have not invoked the story interest.

There is another manufactured lie about Heritage Foods selling its retail business wing to Future Retail Ltd and retained only 3.65% stake worth Rs 295 crore in it, while my shares have gone up from Rs. 2.52 crore to Rs 273.84 crore. I’d like to clarify that Heritage Foods was a consolidated business unit comprising dairy, retail and other miscellaneous operations. With the sale (included liabilities) of the not-so-profitable retail division (which kept the share prices down), the share prices of the farmer-empowering diary left after sale saw a sharp rise in share prices. The growth is not lined to this sale but to the wrong comparison of purchase price of shares long ago to the current market-price in the affidavit to the EC. The change in assets, in terms of units, which would be potentially indicative of any gains or losses made during the period would reveal that I have had a steady and almost stagnant economic assets base, and what has changed has been one sale of a division of a company I am no longer managing, change in the stock prices, and a wrong comparison.

And coming to Sakshi, it is the most morally and ethically bankrupt newspaper in the Country, managed as a vehicle for political gains. I feel for the journos working there. They kill their conscience and peddle lies based on directions from their masters. They sensationalise issues to show the Government and state in bad light. Their hypocrisy is breath-taking. I question their reporters' comprehension of the issue regarding declaration, since their account contains so many false and misleading statements. Sakshi has succeeded in diminishing none but itself by publishing and disseminating these lies. Forget political lines, if you wish to see Andhra Pradesh grow and become the Best State in the Country, you certainly shouldn’t be buying, reading, or visiting the website of this newspaper. Because they are anti-AP and anti-people in every word they write and publish.

YS Jagan has never declared his assets. He is an A-1 accused in 12 cases of corruption and quid pro quo that are being investigated by the CBI. He has set a new precedent in corruption with his suitcase company model of hiding money away. He suffers with a jaundiced eye, as he sees himself in everyone. I have called him for a debate before. He never turned up. I am ready for a debate again on this issue.

I am proud to come from a family that has worked hard for decades to build an enterprise of repute such as Heritage. Integrity and honesty are values that are strongly entrenched in our way of life. I wouldn’t do anything that would bring disrepute to the family or the huge legacy that we carry on our shoulders. My father and grandfather have been Chief Ministers who have won the hearts of people with their welfare and progressive work. I will never ever do anything that will disregard their stature or undo the good work they have carried out. I have taken up the responsibility as an MLC to become part of the system and act as a bridge between the people, cadre and the government. There is no ulterior motive or penchant to gain ill-gotten wealth. I hope I have presented my case before the people. Let them decide.

The post has not been edited, and the original post can be found here.