EDC moves court to attach former Goa minister Pacheco's assets

The Goa government run Economic Development Corporation (EDC) has moved the court to attach assets of former Goa rural development minister Francisco Mickkey Pacheco, who is currently in jail for slapping a government servant.
"We have moved the court to attach Pacheco's barge, which is currently in the shipbuilding yard," EDC Chairman Siddharth Cuncolienkar told reporters here today.
In October 2008, the EDC had sanctioned a term loan of Rs 4 crore to a Pacheco-run company called the Giovanni and Zibronni Shipping Private Limited to purchase the barge, which carried iron ore from the jetty to the harbour.
The EDC's latest move came after it realised that its loan had turned into a bad debt.

Pacheco and his wife Viola Rosaline Fernandes, who were directors of Giovanni and Zibronni Shipping Private Limited, had offered personal guarantees for the loan.
However, after they failed to repay the loan in October 2011, the EDC went to the Margao district judge after the court passed an ad-interim order to attach the hypothecated barge on June 16, 2012.

Pacheco had issued a Rs 50 lakh cheque to EDC, but on August 13, 2012, the EDC told the court that his cheque had bounced.
Therefore, the EDC issued a legal notice to Pacheco under Section 138 of the Negotiable Instruments Act.

Meanwhile, Goa Chief Minister Laxmikant Parsekar rubbished rumours today that former Goa rural development minister Fransisco Miccky Pacheco has moved a 'mercy petition' before him.
"I have not received any mercy petition. I am hearing it from you," the Goa Chief Minister told reporters.