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AG office looking to recoup state funds...

AG office looking to recoup state funds on failed projects

By: Magnolia Tribune - August 8, 2017

AG trying to recoup state funds on unsuccessful economic development efforts

On Monday, state Auditor Stacey Pickering issued a brief statement saying he is referring to Hood’s office a demand for repayment of $6.4 million by Green Tech Automotive’s Chief Executive Officer Charles Wang.

In 2011, the state loaned $5 million to Green Tech based on a commitment that the company would invest $60 million in Tunica County, creating 350 jobs manufacturing electric cars.

Pickering said the company never met its commitment to Mississippi and thus he is demanding that Green Tech repay the funds to the state.

Hood’s office also is pursuing funds provided to KIOR – a company that has received about $77 million from the state. In a 2010 special session, the Legislature at the behest of then-Gov.Haley Barbour provided the funds for Texas-based KIOR to develop manufacturing plants in the state – the first in Columbus – to convert wood chips to crude oil. KIOR officials said they had developed the technology to efficiently convert environmental waste products to crude oil.

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