GreenTech Automotive investors ask court to dismiss Chapter 11 case

By Caroline Salls

Pittsburgh, March 23 – A group of 32 of GreenTech Automotive, Inc.’s Chinese investors asked the U.S. Bankruptcy Court for the Eastern District of Virginia to dismiss the company’s Chapter 11 bankruptcy case, according to a motion filed Friday.

“In the words of Mississippi’s State Auditor and watchdog, GreenTech Automotive Inc. ‘was a sham from the very beginning,’ a firm built on ‘smoke and mirrors,’ that ‘never had any intention to deliver on the promises it made,’” the investors said in the dismissal motion.

“GreenTech’s bankruptcy petition, along with those of its affiliates, continues this unfortunate record.”

The investors said GreenTech’s bankruptcy petitions were not filed in good faith. Instead, the investors said the cases are “intended only to snuff out investigations into GreenTech’s corrupt practices and shift any of its remaining value to insiders, debt-free.”

According to the motion, the investors gave more than $500,000 each to GreenTech “based on false promises of green cards and guaranteed returns.”

GreenTech is a Sterling, Va.-based electric vehicle manufacturer. The company filed bankruptcy on Feb. 26 under Chapter 11 case number 18-10651.

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