Wednesday, July 5, 2017

Pickering to Greentech: Pay up!

State Auditor Stacey Pickering issued the following statement. 

State Auditor Stacey Pickering Issues Demands against GreenTech Automotive Inc.

JACKSON, Miss. – GreenTech Automotive Inc., located in Robinsonville, MS owes the state of Mississippi nearly $5 Million, and State Auditor Stacey Pickering is ordering that the money be repaid with interest and investigative costs.

The Office of the State Auditor issued a formal demand totaling $6,360,019.60 to Charles Wang, President and CEO of GreenTech automotive Inc., which includes the remedies for failure to perform, interest, and recovery costs.

Greentech Automotive Inc. received $3,000,000 from the Mississippi Development Authority on behalf of the Mississippi Industry Incentive Financing Revolving Loan program, and a $2,000,000 loan was also given to Tunica County on behalf of the Board of Supervisors to secure land for the Greentech Automotive production facility.

As a condition of receiving these funds, GreenTech Automotive Inc. agreed to invest $60,000,000 into Tunica County and create 350 new full-time jobs along with several other commitments. These were never fulfilled.


Anonymous said...

I wish wish him well in collecting any amount from this company.

Anonymous said...

Seems Tunica County would be on the hook for the $2 million.

Anonymous said...

Tunica County was swindled, hoodwinked. By a con artist and snake oil salesman. Foolish post 6:18.

Unknown said...

Should have known when Terry McAuliffe,
Bill Clinton and HALEY BARBOUR came
toTunica County to promote this endeavor.

The Commercial Appeal said...

In an article published on 1/18/17:

"Virginia Gov. Terry McAuliffe is the former GreenTech chairman. Tony Rodham, brother of Hillary Clinton, helped raise Chinese funds for the company."

(But might be "Fake News" for all we know)

Randy Stone said...

Nope, that was the real deal. Bill was there. GreenTech was touted as the manufacturer of choice for the Dominoe's Electric Pizza Felivery car.

Anonymous said...

Here's a question: Green Tech went belly up back in January. Everyone knew it was dead even before then. Why did it take six months to issue a demand like this?

Anonymous said...

So who is at fault and who is going to be held accountable for letting this happen!?

Bill Clinton? By the way is not a resident of Mississippi...................

Terry McAuliffe? Who is not a resident of Mississippi either..........................

or is Mississippi and its elected officials responsible?

Anonymous said...

In my opinion, Tunica County and the State of Mississippi
will be left holding the bag. $5 million was loaned from the state of Mississippi.
$3 million was loaned directly to GreenTech Automotive, and $2 million was loaned
to Tunica County to acquire the 100 acre field from a local businessman.
That 100 acres was subsequently transferred to GreenTech
by the Tunica County Economic Development Foundation.

Based upon published reports, Virginia’s now-Governor Terry McAuliffe
served as co-founder and Chairman of GreenTech Automotive from 2010 to 2012.
GreenTech received at least $37.5 million in cash investments
before McAuliffe resigned as chairman in December 2012.

Look Out said...

When did GreenTech start operations in Mississippi?

Anonymous said...

What about KIOR in Columbus. It's going to make these small"investments" look like pennies spent. We, the taxpayers of Mississippi, are on the hook for around $70,000,000.00 dollars - that's right folks 70 million. KIOR is going to make the Beef Plant small potatoes. Haley and Senator Terry Brown both pushed hard for KIOR. Nothing is left, and MDA is trying to recoup some of the money. GOOD LUCK! What they need to look at is the attorney that was paid about $2,000,000.00 when the assets were liquidated. Lowndes County got what was owed them in back taxes. KIOR's assets were sold and now the equipment is spread across the southeast.

Anonymous said...

That tax shift is going to be fun.

Anonymous said...

All of this reminds me of the old saying, "When it's everyone's money, it's no one's money."

Anonymous said...

9:19: You hit it on the head."When it's everyone's money, it's no one's money." So, since it's everybody's money I would like to get a small share. I have invented a device to capture climate-changing gasses that cows omit. The problem is I need a manufacturing facility and some startup money. About $15 million should do it. Obviously there is a need for this device and Mississippi could become the world leader in this noble enterprise. I'm sure the Mississippi Development Authority will recognize this and fork over the $$$. They seem to fund every hair-brained scheme, but this one has real potential. I'm making the application.

Anonymous said...

As long as Haley, Lord Snow and all Haley's buddies keep making money off these schemes without repercussions it will continue. Pay your taxes, keep the Thad sticker on your white SUV and shut up!

Anonymous said...

Let's see:
QE ending
War looms if not a trade war
Economy slumping
*Government jobs being cut in MS
*we're being financially raped by a cabal that can't be named
*oddball tax policy proposals that we can't afford
*Revenues are barely slipping now, but you just wait.
*This is all getting past you bc you're being distracted by a flag and "religious beliefs". (Oops I spilled the beans).

Anonymous said...

Pickering is a fine man doing an excellent job protecting the interests of taxpayers. He has no interest in politics and is solely focused on what is best for me and you. (Maybe KF will post this.)

Anonymous said...

@ 2:35pm

They want to have an open competitive market - but long as a business can do it on Monday, Tuesdays, Thursdays, Fridays, and Saturdays only! LOL!!

They want to make conservative fiscal policy, with regressive business practices. LOL!!!

You can't mix morality with cut throat capitalism, its a losing proposition.

Get progressive on the business practices and those tax cuts will pay off, otherwise - this is Kansas 2.0 and Louisiana 2.0.

Anonymous said...

Thanks for posting my bullshit post KF. Obviously, Stacie is getting a pass on criticism from posters on this site.

Anonymous said...

3:18 Stacey Pickering also said the state of Mississippi "has a good track record of transparency in managing our tax dollars (Neshoba Co. Fair, 7/14/14)." Sure, Jan.

It's amazing the state is just now trying to recoup monies, especially when media outlets in the Memphis area had reported on the inactivity at the plant for a few years now. We all know how this ends: the state gets left holding the bag and needs to start advertising the sell of yet another empty manufacturing facility.

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