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.