Sunday, September 16, 2012

NYT on Crony Capitalism, KKKangress Style

Many people were puzzled at how quickly Manoj Jayaswal had amassed his fortune, despite having set up only one small power plant, even as his other projects remained in planning stages or were just breaking ground.
Mr. Jayaswal is building a large house in Nagpur and hosted his two children’s weddings in Phuket, an island in the south of Thailand. For his daughter’s wedding, Mr. Jayaswal flew in 350 friends, business associates and politicians for an event that was featured on the popular Indian television program “My Big Fat Indian Wedding.”
Coalgate, as the scandal is now known here, is centered on the opaque government allotment process that enabled well-connected businessmen and politicians to obtain rights to undeveloped coal fields. Investigators are now looking at whether Mr. Jayaswal and Vijay Darda, a member of Parliament, conspired to fraudulently obtain five lucrative coal allocations. Naveen Jindal, another lawmaker and one of India’s richest industrialists, is also reportedly under investigation.  

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