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Posted on 07/13/2016 5:10:38 PM PDT by Olog-hai
A British investment company has thrown in the towel on an electric delivery truck manufacturer that it once wholly owned, saw fail, then spun off in the United States at the height of President Obama’s green energy stimulus subsidy mania.
U.K.-based Tanfield Group announced at the end of June that it wrote down the value of the last 5.76 percent ownership stake it held in Smith Electric Vehicles, which received $32 million in U.S. taxpayer funds as a formerly British entity that reconstituted and relocated in Kansas City in 2009. The move by Tanfield followed Smith’s legal action filed against business partner FDG Electric Vehicles, in which it alleged “fraudulent misstatements” against the Chinese company that had enticed it into an agreement. …
(Excerpt) Read more at nlpc.org ...
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