Beshear releases records linked to Braidy Industries that Bevin wanted to keep secret
Gov. Andy Beshear released documents Friday related to Kentucky’s $15 million investment in Braidy Industries, which plans to build an aluminum mill in northeastern Kentucky.
Beshear’s action ends legal efforts by The Courier-Journal to obtain the information. Franklin Circuit Judge Phillip Shepherd last November told then-Gov. Matt Bevin’s administration that it must release the names of investors in the partially state-owned Braidy Industries.
The Bevin administration had raised concerns that the release of the documents could hurt the project. But an opinion issued by then-Attorney General Andy Beshear and court rulings held they are public records.
Beshear, who defeated Bevin in last November’s election for governor, released documents Friday that included a letter of intent, a stock purchase agreement, voting agreement and investors’ rights agreement. They revealed the names of Braidy’s investors.
“In releasing these documents, we are showing Kentuckians that we are committed to transparency and open government,” Beshear said in a news release.
Craig Bouchard, chief executive officer and chairman of Braidy Industries, said in the release that his company “believes in transparency as well as the privacy of its shareholders.”
“The state asked for the release of these documents and we were happy to support the request,” Bouchard said.
Kentucky invested $15 million two years ago in the project, which promised more than 500 jobs with good pay. Earlier last year, it was announced that Rusal, a Russsian aluminum company, planned to invest $200 million in the $1.7 billion project that hopes to open in 2021.
Louisville’s WDRB-TV reported in November that Bouchard said he still needs to raise “a few hundred million dollars” before building the mill.
The letter of intent in the documents released Friday says that if the company does not invest at least $1 billion by June 30, 2020, in the construction and equipping of the project at a location in the state selected by the company, the state can get back its investment.
The stock purchase agreement details the initial investors in Braidy Industries following the letter of intent. The voting agreement deals with the governance structure of the company and the investors’ rights agreement contains the rights of the initial investors to inspect the company, cause stock to be issued and buy future sales of stock.
Some personal addresses have been redacted from the documents.
Last month, Beshear released a 2017 analysis of proposed public pension reforms that Bevin had withheld. It showed that the proposed reforms cost the state retirement systems more and negatively affected retirements of educators and public employees.
This story was originally published January 10, 2020 at 2:13 PM.
