The Hindu Business Line : Campco refutes allegations of irregularities

THE management of the Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco) Ltd has refuted allegations of irregularities in the cooperative and said that it has made a profit of Rs 2 crore till August during the current fiscal. The cooperative, which has a reserved fund of Rs 42.71 crore, has fixed assets of around Rs 100 crore.

Addressing presspersons here on Tuesday, the Campco President, Mr L.N. Kudoor, said that the cooperative is in a good financial health.

However, some politicians, including the Government-nominated directors, are making efforts to tarnish its image. With this, they are targeting the forthcoming elections to the board of the cooperative, which is scheduled for December, he said.

The management is ready to face probe from any agency, including the Central Bureau of Investigation. Based on the request by the Karnataka Government, the Union Department of Cooperation and Agriculture has conducted an inquiry. The report of this inquiry is awaited.

Referring to the audit report of 2004-05, he said it has not mentioned any case of irregularity.

The cooperative will soon hold meetings of its members in major arecanut-growing areas to clarify its stand on the allegations, he said.

Mr Kudoor said Campco is exporting arecanut to Pakistan to develop its market there. "We may open a branch there in the near future. Added to this, the Central Government has agreed to extend subsidy to the export of arecanut to Pakistan," he said.

The multi-State cooperative has amended its by-law to appoint a managing director of its own.

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