Former KiOR CEO Fred Cannon, lead investor Vinod Khosla and former Chief Financial Officer John Karnes are to pay the money under the settlement. Lawyers are to receive $1.5 million of the $4.5 million, plus expenses. The state claims KiOR Khosla and others knew KiOR had limited chances for success but defrauded Mississippi into loaning $75 million. Components from the $230 million plant to two other renewable fuel companies for a paltry $2.7 million.
Separately, Mississippi Attorney General is suing Cannon, Khosla and others in state court in Jackson, demanding repayment of $77 million, plus interest. Mississippi loaned $75 money to KiOR, which built a biofuel plant in Columbus. (Source: Clarion Ledger, AP, Others, 10 June, 2017) Contact: Khosla Ventures, (650) 376-8500, www.khoslaventures.com
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