The Mississippi state alleges fraud in the biofuel KiOR company
Vinod Khosla, a head of the KiOR company was charged with fraud and false representation.
The Mississippi state government alleges fraud in Vinod Khosla, a billionaire for appropriation of $57 million by concealing the KiOR company’s disastrous state from the investors. The fact that Mr Khosla concealed the provided technologies did not contradict reality is included into the statement of claim. Besides the head of the enterprise assured their technology allowed producing 72 barrel of biofuel from one ton of dry wood. However according to the company’s internal documentation using this technology at the Columbus plant the true statements were about only 22 gallons.
The state representatives informed the company administration took no efforts to perform commercially-viable activity and if the enterprise had been run at the full capacity which was not achieved it would have inflicted losses. Also Bill Coats, an ex-general manager’s testimony was included into the claim. He, who left the company back in 2011 shared that company forged documents and he did not want to be a part of this fraud.
