The company, bought by Scott in for an undisclosed price, was one of the largest Rick Scott Owns Drug Testing Company in the millionaire governor's portfolio.
Documents filed with the U. Since becoming governor, Scott has shielded his assets from public scrutiny by using a blind trust and a series of privately held partnerships in his name and the name of his wife, Ann Scott. Long before Scott became governor and contemplated being blind to his investments, he had pinned his hopes on the automotive plastics company for its revenue potential.
For the next several years, Scott chaired the company through a rocky period that included acquisitions and growth, relinquishing control only Rick Scott Owns Drug Testing Company he was Kakadu Trading Company governor in A former CSP executive described the company after Scott chaired it for five years as "near insolvency and was saddled with high interest debt.
He had to recuse himself from the chairman position because of a potential conflict of interest. The new board replaced the three top executives and the turnaround began. Macher quickly moved from chairman to CEO and, in the next few years, CSP became the supplier of component parts for the Chevrolet Volta breakthrough electric car. The assets in Scott's trust are supposed to be blind to him, and managed by an independent trustee.
He was to have no knowledge of transactions within the trust or make no decisions regarding it. Scott's son-in-law, Jeremy Kandah, served as a non-voting member of the board of directors of CSP in andthe Sun-Sentinel reported last year. Kandah has since been divorced from Scott's daughter, Jordan, according to records in Texas, where Kandah lives.
Scott's long-time financial adviser, Gregory D. Scottwas also a long-time member of the CSP board. When the governor led a state trade delegation to Japan in and met two of the would-be bidders in the sale of CSP — Mitsubishi and — Teijin did he give them special treatment? Did he discuss his findings with Rick Scott Owns Drug Testing Company advisers?
And if Scott had not become governor and continued to chair the ailing company, would it have emerged from insolvency to where it is today?
The company makes lightweight automotive plastics, a product in increasing demand in an era of tightening emissions standards requiring lighter vehicles that get better gas mileage.
Disclosure documents filed by G. Scott's share in was The same documents say that G. Scott Capital Partners was controlled by various investments of Ann Scott: a company called Tally 1 and a revocable trust, a revocable trust, held in the name of Frances Annette Scott.
When asked for a comment, Scott spokesman McKinley Lewis said: "The governor has no knowledge of anything that is bought or changed in the trust. Lewis referred questions to Scott's political team, which would not answers questions about the disclosure or make the governor's investment advisers available for comment.
Don Hinkle, a Tallahassee attorney who is suing the governor for violating the state financial disclosure law, said the lack of transparency over the ownership Rick Scott Owns Drug Testing Company CSP to partnerships controlled by Scott and his family is another example of the governor failing to report all his assets. Is he acting in the best interest of his personal finances or in the best interests of the people of Florida?
Florida's blind trust law requires that a trust "may not contain investments or assets the transfer of which by the trustee is improbable or impractical without the public officer's knowledge. The Florida Bulldog, an online investigative website that first disclosed the CSP transaction last yearasked the manager of Scott's blind trust, Alan Bazaar, if he notified Scott of the sale.
Bazaar declined to comment. Macher, the former CEO, did not respond to a request for comment. To run for federal office, Scott must report his Voice Acting Training Company assets and — unlike Rick Scott Owns Drug Testing Company disclosure requirements — those of his spouse.
The governor has asked for a day extension to comply with the federal law, and his disclosure is due by the end of July. Scott's campaign said the disclosure will include "all information and details required under that law, including assets he holds jointly with his wife and individually by her. The governor is the only elected official to use a state law that allows assets to be placed in a blind trust. Scott Investments. The two were partners in the s in a Deerfield Beach computer security company called Cyberguard.
At this point, Scott saw himself in the business of automotive parts for the long haul. But loaded with debt, CSP struggled. Scott reportedly managed the business untilwhen he was elected governor, but records show that Scott did not transfer management of the company until when he arranged to have to G.
Scott Capital Partners be the managing partner. Gregory D. Scott, a trusted adviser who had worked for Richard L. Scott Investments from towas not only the manager of RLSI-CSP, he also managed Ann Scott's investments which, records show, hold many of the same assets as those held by the governor in his blind trust. Jon Smith, who replaced the former CFO in the management shakeup ofsaid in a interview in Plastics News that when he took over "many things weren't being done with any regularity or in any kind of systematic way.
Smith, who was nominated as the plastic industry's CFO of the year inalso said that equipment maintenance and customer communication was "equally scary. What was Scott's role in either the company's decline or the shake-up of executives at his top investment?
ByCSP's rescue had worked. The North American-centric company also started looking for global partners, Smith recalled. In NovemberScott led a delegation of 20 Florida business leaders to Japan on an economic development mission where they met with dozens of leaders. Included on the invitation list were Teijin Ltd. The Teijin purchase was not only a boon for G. Scott Capital, it was also a coup for Florida's governor. The price was described by Crain's Detroit Business Norco Gas Company "eye-popping for an automotive supplier — Florida's blind trust law prohibits a public official from attempting to "influence or exercise any control over decisions regarding the management of assets in a qualified blind trust" and "may not make any effort to obtain information with respect to the holdings of the trust.
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