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Kentucky Senator Rand Paul’s kissing up to Russia didn’t help bring jobs to Kentucky, despite Russian funding. The company had to be bought out by a US company, which is apparently putting the facility in Mississippi. Some people in Kentucky invested a small fortune in special training for jobs at the facility. If not, the story would be funny. Those who invested in job training may be unable or unwilling to relocate. So, this story is tragic. It also needs serious investigation. It’s a good project for the US DOJ’s Kleptocapture Task Force.

Rand Paul went to Russia with a letter and visited with Russian officials in early August 2018. Upon his return, Rand Paul played golf with Trump and asked Trump to lift some sanctions. Two months later the Trump administration announced that sanctions against Rusal were to be lifted. Rand Paul was among those in the US Senate who voted to approve lifting the sanctions against Rusal in January of 2019. “On July 5, 2019, Braidy Industries and Allow Rolled Products LLC (“ARP”), a wholly owned subsidiary United Company RUSAL plc (“Rusal”), entered into definitive agreements for a $200 million investment by ARP into Braidy Atlas in multiple tranches (the “Initial Close”). Braidy Industries and Rusal executed the agreement to develop, finance, construct, operate, and maintain an aluminum melting, rolling, finishing, and packaging manufacturing facility (the “mill”) located in Greenup County and Boyd County, Kentucky. Upon entering the agreement on July 5, 2019, Braidy Industries, Inc. and Rusal held 60% and 40% ownership percentages, respectively…”-https://www.sec.gov/Archives/edgar/data/1711639/000119312520169573/d944445dex99.pdf

The Governor of Kentucky called it “shady”:
“Kentucky was ‘conned’ in Braidy Industries saga, Beshear says” By Chris Otts Jul 21, 2022 Updated Jul 22, 2022 https://www.wdrb.com/news/business/kentucky-was-conned-in-braidy-industries-saga-beshear-says/article_ae9b6324-093b-11ed-9de5-97765959d62b.html
“Kentucky recoups $15 million investment in failed Braidy Industries aluminum” https://youtu.be/rP8QNzP-bds

The CEO of Braidy, Craig Bouchard, co-authored a book on the dangers of taking money from Russian interests, and then took money from Russian interests. https://miningawareness.wordpress.com/2022/11/07/us-senate-questions-on-russian-investment-in-kentucky-braidy-aluminum-mill-braidy-ceo-wrote-book-on-dangers-of-russian-investments/

A Trump admin official provided the following as the text of the letter that Rand Paul delivered to Russia: “I would like to introduce Senator Rand Paul of Kentucky, a member of the Senate Foreign Relations Committee, and a voice for expanding dialogue with the Russian Federation. He will be in Moscow from August 5 to August 8.

Senator Paul would appreciate the opportunity to meet with you to discuss several topics. He is interested in legislative exchanges, parliamentary dialogue and cultural and educational exchange programs, increased counter-terrorism cooperation, building on recent successes like the disruption of the St. Petersburg plot and resolution of the military conflicts in Syria and Ukraine.

Thank you for considering meeting with Senator Paul during his visit to Russia.”
https://www.cnn.com/2018/08/08/politics/rand-paul-russia-trump/index.html
Someone needs to obtain the original letter under FOIA and publish it.

Rand Paul @RandPaul: “I was honored to deliver a letter from President Trump to President Vladimir Putin’s administration. The letter emphasized the importance of further engagement in various areas including countering terrorism, enhancing legislative dialogue and resuming cultural exchanges.” 9:36 AM-Aug 8, 2018

“This letter to Putin wasn’t interesting until Rand Paul and the White House disagreed about it Paul previously claimed he was delivering a message to Putin on behalf of Trump.” By Zack Ford and Melanie Schmitz Aug. 8, 2018 https://archive.thinkprogress.org/rand-paul-letter-putin-moscow-trump-dd83ddf651a4/

“Kentucky recoups $15 million investment in failed Braidy Industries aluminum mill“ By Marcus Green Sep 29, 2022
“Braidy Industries got a boost in 2019 when it landed a $200 million pledge from Russian aluminum giant Rusal in exchange for 40 percent of the mill. That came not long after former President Trump’s administration lifted economic sanctions on Rusal and its parent company tied to Oleg Deripaska, an ally of President Vladimir Putin…“ https://web.archive.org/web/20220929193524/https://www.wdrb.com/in-depth/kentucky-recoups-15-million-investment-in-failed-braidy-industries-aluminum-mill/article_9a7bf9a6-4029-11ed-853f-4bdd3d23ffd4.html

In August 2018: “Paul (R-Ky.) met with several Russian senators, including Sergey Kislyak, Russia’s former envoy to Washington and a key player at the heart of the election interference scandal…  In a meeting at Russia’s upper house of parliament, Paul also invited Russian lawmakers to meet with U.S. Congress members, in Washington or elsewhere, the Interfax news agency reported him as saying. “I think this is in­cred­ibly important,” Paul said after the high-profile sit-down. That meeting could take place as soon as this fall, said Konstantin Kosachev, head of the foreign relations committee in the upper house.” See: “Sen. Rand Paul goes to Moscow and invites Russians to Washington in unofficial bid to boost ties” By Amie Ferris-Rotman August 6, 2018 at 7:39 a.m. EDT
https://web.archive.org/web/20220702234855/https://www.washingtonpost.com/world/sen-rand-paul-goes-to-moscow-and-invites-russians-to-washingtonin-unofficial-bid-to-boost-ties/2018/08/06/0090975a-9945-11e8-8d5e-c6c594024954_story.html

“Sen. Paul, R-Ky., said late this week he wanted to talk to President Trump about lifting sanctions on Russian political leaders. The White House said on Sunday that the President and Sen. Paul played golf together this weekend.”Trump, Paul Golf Together in New Jersey” BY NEWSWEEK STAFF ON 8/19/18 AT 6:02 PM EDT https://web.archive.org/web/20220702234855/https://www.newsweek.com/trump-paul-board-air-force-one-together-leaving-new-jersey-1079850

“12/19/2018
Today, OFAC submitted a notification to Congress of its intention to terminate the sanctions imposed on En+ Group plc (“En+”), UC Rusal plc (“Rusal”), and JSC EuroSibEnergo (“ESE”) in 30 days” Excerpt: “Upon their designation on April 6, 2018, Ent, Rusal, and ESE (collectively, the “Petitioners”) approached the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to petition for delisting pursuant to 31 C.F.R. 501.807. The Petitioners, led by Lord Gregory Barker, the former Minister of State for Energy and Climate Change for the United Kingdom, have engaged in negotiations with OFAC extensively during the past eight months, while OFAC evaluated whether Petitioners were credibly able to make material changes in the structure and composition of the companies such to be eligible for delisting. Petitioners conducted themselves throughout in a cooperative and transparent manner. Petitioners submitted proposals whereby they would sever the ownership and control of Deripaska over Petitioners. Throughout the negotiations, OFAC pressed for terms that were targeted towards further restricting Deripaska. https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20181219_33

Roll Call vote. Surprisingly some who have been strongly against Putin post- 2022 invasion voted to lift the sanctions on Jan. 16, 2019: https://projects.propublica.org/represent/votes/116/senate/1/6

“However, Paul’s proposal to lift sanctions against the Russians in the committee was rejected by a majority. Opponents directly spoke of his initiative as “encouraging Russian aggression.”…. In 2018, the US imposed sanctions on Deripaska’s aluminum empire Rusal because he supported the occupation of Crimea. Six months later, the sanctions were, however, lifted. The Senate was only three votes short of keeping sanctions against Putin’s oligarch and his semi-mafia firm. One of the three was the vote of Senator Rand Paul. Since then, Rusal has been allowed to do business in the States. Rusal soon announced that it was investing $200 million in an aluminum smelter in Kentucky, the state represented by Rand Paul. Coincidence? For years, Paul in the Senate opposed sanctions against Nord Stream 2….” Read more here: https://web.archive.org/web/20220702234855/https://en.liberpedia.org/Rand_Paul

McConnell and Rand Paul are the two Senators who are supposed to represent Kentucky in the US Senate: “Sanctioned Russian Oligarch’s Company to Invest Millions in New Aluminum Plant in Mitch McConnell’s State” BY CRISTINA MAZA ON 4/15/19 AT 5:57 PM EDT https://www.newsweek.com/company-russian-oligarch-millions-aluminum-plant-mitch-mcconnell-1397061

Annual Report For the Period Ending December 31, 2019
“On July 5, 2019, Braidy Industries and Allow Rolled Products LLC (“ARP”), a wholly owned subsidiary United Company RUSAL plc (“Rusal”), entered into definitive agreements for a $200 million investment by ARP into Braidy Atlas in multiple tranches (the “Initial Close”). Braidy Industries and Rusal executed the agreement to develop, finance, construct, operate, and maintain an aluminum melting, rolling, finishing, and packaging manufacturing facility (the “mill”) located in Greenup County and Boyd County, Kentucky.

Upon entering the agreement on July 5, 2019, Braidy Industries, Inc. and Rusal held 60% and 40% ownership percentages, respectively. Rusal contributed $60 million in cash with an additional $5 million per month to be contributed until a $100 million cash contribution has been met. Rusal’s remaining $100 million investment will occur upon Braidy Industries, Inc. contributing $300 million in cash to Braidy Atlas. Rusal’s $5 million per month contributions may be frozen if the $300 million investment by Braidy Industries, Inc. has not been made or secured with a signed, binding commitment within 4 months of July 5, 2019. As of December 31, 2019, Rusal contributed $75 million to Braidy Atlas LLC. Rusal discontinued their contributions in November 2019 as they are awaiting a $300 million investment to proceed with further contributions of equity. Braidy Industries, Inc. contributed $1.2 million in land, $24.0 million in mill property, and over $200 million in incentives from the Commonwealth of Kentucky. In June 2020 the Board approved a special one-time $10 million distribution to Rusal as a result of excess and under utilized cash on hand at Braidy Atlas. Upon Braidy Industries, Inc. contributing $300 million in cash to Braidy Atlas, Rusal will contribute an additional $135 million to satisfy their $200 million investment…

Our primary source of cash has historically been through equity investment raises, including a capital contribution of $75 million from Rusal as a direct investment into Braidy Atlas and the sale of $2.4 million, net of offering costs, of common stock of Braidy Industries under Regulation CF during 2019. Our primary uses of cash include operating expenses incurred while fundraising, engineering costs associated with the early works agreements for the Braidy Atlas Mill, and research and development costs at Veloxint and NanoAl…

The Braidy Atlas LLC agreement was entered into on July 5, 2019 under the state laws of Delaware. The Members of the limited liability corporation are Braidy Industries, Inc and a subsidiary of Rusal, Allow Rolled Products LLC (collectively the “Members”). The Members executed the agreement to develop, finance, construct, operate, and maintain an aluminum melting, rolling, finishing, and packaging manufacturing facility (the “mill”) located in Greenup County and Boyd County, Kentucky…” https://www.sec.gov/Archives/edgar/data/1711639/000119312520169573/d944445dex99.pdf

Questions raised in the US Senate, which appear to still be unanswered: https://www.finance.senate.gov/imo/media/doc/100819%20Wyden%20Letter%20to%20Craig%20Bouchard%20Braidy%20Industries.pdf

“Braidy Industries alleges founder Craig Bouchard misused company funds” By Chris Otts and Travis Ragsdale Feb 20, 2020 Updated Feb 21, 2020 https://www.wdrb.com/in-depth/braidy-industries-alleges-founder-craig-bouchard-misused-company-funds/article_86538ad4-543b-11ea-9738-6bddb7e4c6b2.html

“Kentucky was ‘conned’ in Braidy Industries saga, Beshear says” By Chris Otts Jul 21, 2022 Updated Jul 22, 2022 https://www.wdrb.com/news/business/kentucky-was-conned-in-braidy-industries-saga-beshear-says/article_ae9b6324-093b-11ed-9de5-97765959d62b.html

“Steel Dynamics Announces Planned State-of-the-Art Aluminum Flat Rolled Mill Site Selection” NEWS PROVIDED BY Steel Dynamics, Inc. Nov 02, 2022, 18:00 ET https://www.prnewswire.com/news-releases/steel-dynamics-announces-planned-state-of-the-art-aluminum-flat-rolled-mill-site-selection-301666912.html

US Senate Questions on Russian Investment in Kentucky Braidy Aluminum Mill; Braidy CEO Wrote Book on Dangers of Russian Investments