Good Question: Did Ky. get any interest on money held for failed aluminum mill project?

LEXINGTON, Ky. (WKYT) - In 2022, we reported on the return of a massive investment to the state of Kentucky. It’s the subject of today’s Good Question.

For today’s Good Question Susan says, “I’m glad Kentucky finally got the $15 million back from the Braidy Industries/Unity Aluminum failed project, but I wondered if there was any interest paid back for all the years they held the $15 million?

In 2022, it was announced that Governor Andy Beshear’s administration had recovered the $15 million investment Governor Matt Bevin’s administration had put into an aluminum mill in northeastern Kentucky in 2017 that never materialized.

As for any interest on that money, no, that wasn’t paid.

Brandon Mattingly with the Kentucky Cabinet for Economic Development told us, “As you know, recovery of investments in unmaterialized projects is highly unusual and given the structure and history of the transaction, the original investment amount was deemed the priority. While interest was not recovered, this administration and commonwealth seed capital – the entity that held the investment - worked diligently to secure the return of the full $15 million necessary to make the state whole for the original investment amount.”

Basically, their biggest priority was the return of the $15 million.

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