West Virginia governor liable for $700M coal company loan
CHARLESTON, W.Va. (AP) _ West Virginia Gov. Jim Justice has confirmed that he is personally liable for $700 million in loans taken by his coal companies.
The loans were taken out from a lender in the United Kingdom that went bankrupt in March. Justice blamed the lender, Greensill Capital U.K., at a news conference on Tuesday.
Justice said two days after his company met with Greensill, and being assured “everything was fine”, the lender announced it was filing for bankruptcy.
The Republican governor’s coal company, Bluestone Resources Inc., sued the lender after it went under over allegations of fraud. Justice says the loans were acquired to rebuild Bluestone after a period of decline.
The Roanoke, Virginia-based company is involved in mining metallurgical grade coal used for steel making.
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