Thiruvananthapuram, Sep 25 (IANS): Kerala Finance Minister Thomas Issac has defended the Kerala Infrastructure Investment Fund Board (KIIFB) and criticised the opposition for attempts to tarnish the financial institution's image.

Talking to the media here on Wednesday, Issac said Leader of Opposition Ramesh Chennithala had been levelling allegations against the government-run KIIFB. "I really don't know why he is up against me and the KIIFB," Issac said.

On the demand for KIIFB's audit by the Comptroller and Auditor General (CAG) of India, Issac said, there was nothing to hide at the financial institution and, "I will write to them, if that's needed."

On Tuesday, Chennithala had demanded a CBI probe into the KIIFB-funded Rs 4,572 crore Transgrid project of the Kerala State Electricity Board. Alleging violations in tendering rules, the Congress leader said works were awarded at 60-80 per cent higher cost and pre-qualification guidelines were changed to favour certain companies.

"The KIIFB cleared projects worth Rs 43,000 crore. Works on projects worth Rs 10,000 crore have started. In six months, Kerala will know what the KIIFB is capable of," Issac said.

The KIIFB-funded projects were being implemented in Chennithala's constituency too. "We have nothing to hide and we are ready for any audit," Issac said.