News Column

Ohio, company reach $1.5 million settlement

February 24, 2014

Norwalk Reflector, Ohio

Feb. 24--COLUMBUS -- The Ohio Development Services Agency (DSA), the Ohio Air Quality Development Authority (OAQDA), and the Ohio Attorney General's Office announced that the three agencies have reached a $1.5 million settlement with a Toledo manufacturing company for unpaid loans. The settlement resolves collections actions against Buckeye Silicon for loans owed to DSA and OAQDA.

"This settlement and payment is a significant recovery of taxpayer funds, especially given that these types of debts are historically very difficult to recover," Ohio Attorney General DeWine said. "I am pleased that our office was successful in protecting the interests of Ohio taxpayers by securing this payment."

"The company failed to fulfill commitments to repay Ohioans and create jobs," DSA Director David Goodman said. "Where commitments are not met, state partner agencies will work together to clawback taxpayer money."

"The State of Ohio succeeded in efforts to protect taxpayers from a company that did not follow through on its obligations," said Chadwick Smith, executive director for OAQDA.

Buckeye Silicon is a Toledobased company which sought to produce polysilicon for use in solar panels. On October 12th, 2010, OAQDA loaned Buckeye Silicon $1,428,000 through its Advanced Energy Job Stimulus Program. On October 15th of that same year, DSA issued Buckeye Silicon a $1.3 million Research and Development Loan.

However, Buckeye Silicon did not meet the loan repayment schedules, and the loans were then declared in default by both state agencies.


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Source: Norwalk Reflector (OH)

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