$6.5 billion Chinese hybrid-electric car plant for Mississippi up in the air
So what went wrong? According to the civil suit, the CEO and CFO of Hybrid Kinetic Automotive Corp., Charles Wang and Jack Deng respectively, attempted to wrangle the company away from the parent, Hybrid Kinetic Automotive Holdings Inc. The founder and chairman of the venture, Rong "Benjamin" Yeung, was the man behind Brilliance China Automotive and could be a little sensitive about these types of issues since, a few years back, any ownership of that company was stripped away from him by the Liaoning Provincial Government (PDF). The judge summed the current situation down nicely, saying that the partnership "has broken down in rather spectacular fashion." As for the car, no details have yet been released. Thanks to Mart for the tip!
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