Business

Greentech, Inc. to pay Mississippi $6.3 million

GreenTech Automotive Inc., located in Robinsonville will have to pay the state of Mississippi $6.3 million, according to the office of State Auditor Stacey Pickering.

The $6, 360, 019.60 is a charge as a result of a $5 million dollar investment that Pickering is ordering be repaid with interest and investigative costs.

The Office of the State Auditor issued a formal demand for the money 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, and according to Pickering, these conditions were never fulfilled.

GreenTech Automotive is a manufacturer of electric cars.

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