Congress MP K.V.P. Ramchandra Rao is the latest VIP to feature in CBI records regarding the Emaar scam.

In his statement to the CBI, Emaar Properties PJSC Dubai CEO A.J. Jagannathan has allegedly said that the crucial decision to reduce APIIC’s equity in the HICC convention centre project was taken during a meeting in which Mr Ramchandra Rao was also present.

The government had come in for criticism for offloading stake in the HICC and subsequently in the township project.

Mr Jagannathan said he, along with Emaar chairman Mohammed Alabbar, had met late chief minister YSR when the decision to reduce APIIC’s stake in the HICC from 49 to 26 per cent and to increase Emaar’s share from 51 to 74 per cent was taken. He said the meeting was also attended by Mr Ramc-handra Rao and Mr Koneru Prasad. “After the meeting, Mr Alabbar met the CM alone,” Mr Jagannathan said in his statement.

“After state elections in 2004, with the change in the government there was no progress in the project. After several months of relative inaction and some discussions, the government appeared willing to restart the project subject to some conditions.

The conditions, as I recall, related to the inclusion of an IT component for the real estate project at Gachibowli, probably some reduction in acreage and deciding on the convention centre project at Hitec City.