Company ordered to pay back $6M to State of Mississippi - WMC Action News 5 - Memphis, Tennessee

Company ordered to pay back $6M to State of Mississippi

(SOURCE: WMC Action News 5) (SOURCE: WMC Action News 5)
(SOURCE: WMC Action News 5) (SOURCE: WMC Action News 5)
  • Also on WMCTV.COMMore>>

  • Greentech Automotive must create 350 jobs

    Greentech Automotive must create 350 jobs

    Monday, June 17 2013 11:57 PM EDT2013-06-18 03:57:25 GMT
    (WMC-TV) - An upstart electric car company made the promise of providing hundreds of new jobs in North Mississippi almost one year ago. Taxpayers helped foot the bill to land Greentech Automotive, andMore >>
    An upstart electric car company made the promise of providing hundreds of new jobs in North Mississippi almost one year ago. Taxpayers helped foot the bill to land Greentech Automotive, and now they want a return on their investment.
    More >>
TUNICA CO., MS (WMC) -

The Mississippi state auditor ordered a company to pay up after not fulfilling promises and commitments made to the state.

GreenTech Automotive Inc, out of Robinsville, MS, was paid $3 million from the Mississippi Development Authority and a $2 million from Tunica County to secure land for a Greentech Automotive production facility.

However, as a condition of receiving the funds, GreenTech agreed to invest $60 million into Tunica County and to create 350 new full-time jobs.

Those commitments were never fulfilled, according to the state auditor.

State Auditor Stacey Pickering is ordering GreenTech to pay back the $5 million with interest and investigative costs.

The Office of the State Auditor issued a formal demand for the funds, totaling $6,360,019.60 to Charles Wang, president and CEO of GreenTech Automotive Inc.

Copyright 2017 WMC Action News 5. All rights reserved.

Powered by Frankly