Lokesh Awfully Rich, Jagan Matches

Hyderabad: Two political families and hundreds of crores of wealth in the name of the scions is the story of Andhra Pradesh, united or residual. We are talking about late YS Rajasekhara Reddy and his son YS Jagan Mohan Reddy on one hand and Nara Chandrababu Naidu and Nara Lokesh on the other. Both YSR and NCBN were chief ministers. Their sons were getting rich during the tenures of their dads as CMs.

Nara Lokesh had filed his nomination papers for the MLC elections on Monday. He had also submitted an affidavit to the Election Commission declaring his assets at ₹ 329.52 crore which includes ₹ 273.84 crore in movable assets and ₹ 56.52 crore in immovable assets. His wife Brahmani owns movable assets worth ₹ 17.90 crore and immovable assets worth ₹ 4.15 crore making the total worth ₹ 22.05 crore. Their son Devansh too has assets worth ₹ 12.20 crore which includes ₹ 2.70 crore movable and ₹ 9.5 crore immovable assets. The value of the assets declared by Lokesh In style at a press conference five months ago was meagre compared to the one submitted to the EC. On 19 October 2016, 34-year old Stransford graduate Lokesh had announced, in keeping with the wish of his father that politicians should declare their assets periodically for the sake of transparency, that his total assets stand at a value of ₹ 14.50 crore that includes ₹ 2.52 crore from the shares in Heritage Foods and a car valued at ₹ 93 lakh.

However, the family owned Heritage Foods has sold its business wing to Fortune Retail Ltd., a Kishore Biyani owned retail chain, which includes Big Bazar Super markets, in November last year soon after Prime Minister Narendra Modi announced his controversial decision of demonetisation. Today Lokesh’s family has assets worth of Rs 363.77 crore almost 90 percent of it in the shape of shares and debentures. There is a hue and cry on the assets of CM’s son growing by 22 times in just five months.
YS Jagan, YSRCP chief and Opposition leader in AP, had declared his assets in the affidavit at the time of elections showing the total worth of his assets as ₹ 446 crore. His wife Bharati owns assets worth ₹ 57.73 crore and their daughters Harshini and Varsha own assets worth of ₹5.69 lakh and ₹ 2.19 lakh respectively.

With father BCBN owning assets worth ₹10.14 crore and mother Bhuvaneswari having assets worth of ₹32.54 crore, the total worth of the assets owned by NCBN family comes to more than ₹400 crore. Lokesh was not involved in the family business. He inherited the assets being the only son of Chief Minister Chandrababu Naidu.

Though the figures surprised many and gave room for allegations of corruption, a business analyst has explained the statement thus: “When the family is disclosing its numbers to the public, it takes the book value of the shares. But, when it comes to submitting the details of assets to Election Commission, a candidate has to declare the With basing on the prevailing market value at the time of preparing the statement. The notional increase in the asset value may surprise some people.”

YS Rajasekhara Reddy and Vijayalakshmi had two children- Jagan Mohan Reddy and Sharmila. Both of them lived in Bengaluru as long as YSR was chief minister although Jagan became an MP a few months before the tragic death of his father. Jagan was known to be business-savvy. 44-year old Jagan plunged into politics on full-time basis only after the sudden demise of his father. Lokesh, on the contrary, as national general secretary of the TDP, has been virtually running the party even before his father became CM. In both the cases the worth of the assets has been calculated according to the market value of the shares held by them.

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