Russia has suspended the funding of Mitch McConnell's Kentucky aluminum plant

[Nevilledog]

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Mueller, She Wrote
@MuellerSheWrote
HAHAHAHA! Russia has suspended the funding of Mitch McConnell’s Rusal-backed Oleg Deripaska aluminum plant project in Kentucky.

Russian Backer Halts Funds in New Blow to U.S. Aluminum Project
bloomberg.com
9:17 PM · Mar 17, 2021

https://www.bloomberg.com/news/articles/2021-03-17/russian-backer-halts-funds-in-new-blow-to-u-s-aluminum-project

The Russian company backing an aluminum project in Kentucky said it’s suspending investments as it waits for U.S. partners to raise funds, dealing a new setback to the billion-dollar-plus mill that was supposed to be completed last year.

United Co. Rusal International PJSC announced the move on Unity Aluminum, formerly known as Braidy Industries, in a call on Wednesday. Rusal has so far poured $65 million into the venture, which local officials have been counting on to bring hundreds of high-paying jobs to the region.

The funding freeze is the latest in a series of twists, including a battle for control of the mill that led to the ousting last year of Braidy’s chief executive officer, and questions over the timing when the U.S. lifted sanctions on Rusal. The plan announced in 2017 was for a $1.3 billion rolling mill to meet growing demand for the metal from the automotive, packaging and aerospace markets.

“Unfortunately, our partner failed to contribute necessary equity from their side, so then it was a substantial change of the management and shareholder structure of Braidy Industries,” Oleg Mukhamedshin, Rusal’s deputy CEO, said on a call. “We put on hold any further investments of the project as per our agreement, and we still expect our partners to raise necessary financing after the Covid pandemic gets better.”

Mukhamedshin said Rusal’s “Plan B” is to convert the investment into a debt instrument with certain securities if Unity Aluminum isn’t successful in securing the necessary funding.

*snip*

[soothsayer]

1. Oh myyyyyy

[gratuitous]

2. "Plan B" is to convert the investment into a debt instrument

In case that anti-matter language has you stymied, you might more readily recognize the term "money laundering operation."

[lagomorph777]

23. Thanks for the translation!

I don't speak financialese.

[malthaussen]

33. One wonders if "Plan B" was the idea all along. n/t

[gratuitous]

35. Oh, no

What kind of person would ever imagine that dedicated public servant Mitch McConnell and our good friends the Russians would ever be so deceptive, manipulative and cynical?

[wnylib]

36. My thought, too.

[Leghorn21]

3. Thank you, I was wondering about the status of that INSANE project!!!

GOOD

[dchill]

4. The best laid plans of mice and fascists...

...gang aft agley?

[wnylib]

37. Or maybe his goal all along was

to provide a money laundering opportunity for his Russian friends.

[UpInArms]

5. Oopsie!

Sounds like Moscow Mitch lost his Russian BFF

[pecosbob]

6. Kinda sounds to me like money-laundering was the idea all along

Mukhamedshin said Rusal’s “Plan B” is to convert the investment into a debt instrument with certain securities if Unity Aluminum isn’t successful in securing the necessary funding.

Have to park all those stolen rubles somewhere.

[leftieNanner]

38. Money Laundering AND

A way for Mitch to get reelected.

"See, constituents! See what I have done for you? Now vote for your ol' uncle Mitch."

[Irish_Dem]

46. So both Trump and McConnell are laundering money for the Russian mob.

The same Russian mob where Putin is the godfather.

[Hermit-The-Prog]

7. It was part of what kept Moscow Mitch in the Senate -- not needed now.

[halfulglas]

10. Election over. First thing I thought of.

[gratuitous]

13. Well, Republicans said things would magically disappear after election day

They said they were talking about Covid-19, but in reality it was the voter-gulling scams that kept some of them in office.

[Lonestarblue]

19. Yep. The announcement was the important part, not the jobs

Mitch is unlikely to run again, so the announcement made him look good and he got reelected. Now they can get more suckers to buy the debt.

[NoMoreRepugs]

28. True that. An election ploy.

[crickets]

42. *ding!*ding!* So convenient how that works, isn't it? nt

[LenaBaby61]

8. "Russia has suspended the funding of Mitch McConnell's Kentucky aluminum plant."

They mean a ruski oligarch got pissed off at the sick, rotten-ass and leaving Kentucky turtle.

[dalton99a]

9. Pravda: "American senator failed to meet Kremlin's expectations"

"He failed to maintain control of the American senate"

[CaptainTruth]

25. +1

[yonder]

32. Yup.

[Submariner]

11. This sounds like the Kentucky version of Foxconn Wisconsin

I heard up there they took homes and destroyed them by eminent domain, and then stopped construction on the buildings where those homes once stood.

Republicans don't seem to be doing well in the business development department. More broken promises.

[panader0]

12. Is it a coincidence that after Biden says Putin is a killer, and Putin brings his ambassador home,

that the turtle's pet project is cancelled?
Haha--yeah Joe.

[Indykatie]

14. Sounds Like This Project Was Headed South Long Before Biden Called Putin a Killer

[sarcasmo]

15. Will Ron Johnson be cut off too?

[Evolve Dammit]

16. Can we start investigating all these damn Russia connections with members of Congress???

[monkeyman1]

17. turtle's time in the hot seat! another Russian asset bites the big one !!!

[Traildogbob]

18. So Mitch

Will be calling on the Feds to bail out his scam? What was it he has been saying about giving aid to blue states? Fuck you Mitch and Rand Paul.
Sorry Kentucky, lay with pigs ya get pig shit on you. Stop putting these Russian assets in office.
Investigate Kentucky voting “irregularities”.
15 percent approval and turtle wins in a landslide.
💩😷

[lagomorph777]

20. Uh-oh. Bad news for Moscow Mitch.

[Corgigal]

21. The land was never cleared,

it was always a lie.

Is the DOJ arresting Mitch’s wife yet?

[speak easy]

29. +!!

[Volaris]

22. Lol.. what will happen is that mitch will get the State government to kick into the kitty

For the necessary investment, knowing full well they will get fucked out of their return UNLESS they also are willing to play ball with the mob-state money laundering operation.

[Lucinda]

24. ❤️ ✿❧🌿❧✿ ❤️

[NCjack]

26. Mitch and Co., Vald wants you to return the incentive payments.

[Leith]

27. The Russians decided that their asset mcturtle

wasn't performing as promised. No use in throwing good money after bad.

[captain queeg]

30. more Russian money laundering nt

[SergeStorms]

31. Putin wants his money back, Mitch

What's that? It's all tied up in your investment portfolio and would be impossible to pry away from the package?

"No problem, Comrade Mitch. Here, I have sandwich and some tea for you". Enjoy your next lunch, Mitch.

[mountain grammy]

34. They're just fucking with you Moscow Mitch

And Kentucky. Poor suckers.

[Botany]

39. IOW

They will build the plant if the Americans pay for it. AKA it was all a big scam.

[mountain grammy]

41. Bingo!

Kentucky style.

[Botany]

43. Just like Putin strong along Trump with "Trump Tower ...

...Moscow."

[mountain grammy]

44. Right.. and

I was so looking forward to staying there..

[Botany]

45. A Trump Tower Moscow doesn't do any good for Putin or

his Olagarch friends because they used and still use
Trump properties to get their ill gotten money out of
Russia and to launder it too. Putin was playing Trump for the sucker that he is.

M.G.

[BobTheSubgenius]

40. So Rusal's plan, while excellent and sensible from their POV,

and understandable from the POV of outsiders, if successful in principle, looks like it might boil down to:

Foreclose on the tangible and convertible assets, strip the company, sell some debt and anything that they couldn't nail down, then sail back to Russia, having netted every nickel out of the project currently available.

[Cha]

47. Rt TY

Wonder why?

[mcar]

48. Putin has no more use for losers