How Mickky Pacheco Cheated EDC for Rs. 500 Lakhs – AAP Goa Unit

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Aam Admi party Goa unit have issued this press release seeking the attachment of property of Mickky Pacheco in Economic Development Loan Scam in which he has duped the EDC for Rs. 500 lakhs. According to the press release, In October 2008, the EDC Ltd sanctioned to M/s Giovanni & Zibronni Shipping Pvt Ltd., a term loan of Rs. 400 lakhs for the purpose of acquiring a barge. The directors of this company MR. FRANCISCO XAVIER “MICKKY” PACHECO AND MS. VIOLA ROSALINE FERNANDES. Offered a personal guarantee in respect of the said loan.

On 24/10/2011, since THERE WAS A FAILURE TO REPAY THE LOAN, EDC Ltd. filed an application in the court of District Judge Margao, and on 16/6/2012, the Court passed an ad-interim order of attachment of the hypothecated barge.

On 22/06/2012, Mr. Mickky Pacheco & Ms. Viola Fernandes gave a cheque dated 30/07/2012 for Rs. 50 Lakhs to EDC Ltd. On 13/08/2012, EDC Ltd. reported to the District Court that THE SAID CHEQUE BOUNCED. On 16/08/2012, EDC Ltd issued legal notice under Section 138 of the Negotiable Instruments Act to Shri Mickky Pacheco. But the question arises WHY WAS A CASE NEVER FILED?

On 17/07/2013, the District Judge passed an order observing that EDC Ltd has shown that the said company and the directors MR. MICKKY PACHECO & MS. VIOLA FERNANDES WERE CARELESS IN THE PAYMENT OF THEIR DUES, and had not even responded to the notices issued to them from time to time. The District Court ordered that it is appropriate to secure the EDC Ltd with the reliefs of attachment of the hypothecated barge, “M. V. Brazzi”, and the recovery of an amount of more than RS. 497 LAKHS AS ON 30/06/2011 with interest, and toENFORCE THE PERSONAL GUARANTEE OFFERED BY MR. MICCKY PACHECO & MS VIOLA FERNANDES in the stated amount with interest and the costs of the application.

On 20/10/2014 EDC Ltd filed an application against the said company and guarantors. Annexure A of the said application incorporated the list of assets owned by Shri Mickky Pacheco along with the valuation (copy annexed and marked “A”). Similarly, Annexure B incorporated the assets owned by Mrs. Viola Fernandes and the valuation (copy annexed and marked B).

In November 2014, despite this history of defaulting on loans to the tune of hundreds of lakhs, as bouncing cheques of Rs. 50 lakhs, MR. MICKKY PACHECO WAS MADE MINISTER OF RURAL DEVELOPMENT.

On 19/01/2015, surprisingly, and during pendency of above case, EDC Ltd, instead of making efforts to recover the entire payment, made a suo moto offer to the Minister a special one-time settlement scheme for settlement of NPA accounts of mining affected, under barge portfolio. Mr. Mickky Pacheco failed to even make the down payment which was a pre-requisite to avail the aforesaid scheme.

AAP Goa demands to know from the Government of Goa and EDC Ltd:

1) How much money does Mr. Mickky Pacheco owe to EDC Ltd as of date, with interest, penalties and costs?

2) What is the Govt doing to recover these dues, and why are they not moving to attach Mr. Pacheco’s assets despite a court order to the effect?

3) Why was legal action never pursued against Mr. Pacheco in the case of the bounced cheque of Rs. 50 Lakh?

4) Why did the Bharatiya Janata Party make Mr. Pacheco, who clearly defaulted on his loans and gave bounced cheques for Rs. 50 Lakh, a Minister in their govt? Why is the GVP still a coalition partner of the BJP-led Govt?

5) Why did EDC Ltd offer the Minister a one-time settlement scheme, even though under the rules of the said scheme, such a settlement facility cannot be offered to willful defaulters? Does the BJP govt really believe Mr. Pacheco is a “mining affected” person, in the same category as the thousands of genuine aam aadmi of Goa who are still suffering from the fallout of the mining ban?

6) How many other MLAs and Ministers have availed of loans from EDC Ltd or other such agency, and how many have defaulted on their repayments? What is the Govt doing to recover these dues, if any?

News Source : Press Release Posted by AAP in Goa Prism Group.

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