GOVENOR SCOTT'S HUGE, HIDDEN STAKE IN CHINESE COMPANY SUPPLYING MAKER OF BRIGHTLINE TRAINS

Publish Date: 
Thursday, August 30, 2018 - 3:00pm

THE SCOTTS HAD AN GARGANTUAN FINANCIAL STAKE IN A CHINESE RAILWAY COMPANY THAT SO HAPPENS TO SUPPLY COMPONENTS TO THE U.S. CONTRACTOR BUILDING BRIGHTLINE, a high-speed passenger rail project that Gov. Rick Scott strongly backed.

The company Quingdao Victall Railway Group Co. Ltd. became an interest in October 2014 when it partnered with Scott's company, Continental Structural Plastics (CSP) to form a 50-50 joint venture. In January of 2017, CSP was sold to the Japanese conglomerate Teijin for $825 million.

"Continental’s sale produced a $200 million windfall for Gov. Scott personally and another $350 million for First Lady Ann Scott and 11 smaller investor-partners," Florida Bulldog reported last year. It is also stated that "Governor Scott held his Continental investment in a blind trust and did not timely disclose his bonanza from the sale."

The governor's June 2018 state financial disclosure also stated that "without explanation, his net worth jumped $83 million" from last year and he also "pocketed another $120 million in outside income from his blind trust."

Read more here.

The original article was written by Dan Christensen of the Florida Bulldog.