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Filing: SEC investigating Mo. sweetener project

Filing: SEC investigating Mo. sweetener project

October 1st, 2011 in News

COLUMBIA (AP) - A recent disclosure indicates the Securities and Exchange Commission is investigating a so-far unsuccessful effort to build an artificial sweetener plant in the central Missouri town of Moberly.

The Columbia Daily Tribune reported Friday the trustee for bonds issued for the project, UMB Bank, reported in a filing with the Municipal Securities Rulemaking Board the bank had been told it would receive a subpoena. Moberly City Manager Andy Morris told the newspaper Friday the city has given the SEC documents that were requested.

"We have been cooperating with them," Morris said.

Mamtek U.S. Inc. planned to employ several hundred people at the artificial sweetener plant. The city issued $39 million in industrial development bonds for the project, the state offered more than $17 million in incentives - though no state funds went to the company - and $8 million was to come from private investors. However, the plant still is under construction, and Mamtek has laid off its employees.