Glacial Energy, one of St. Thomas’ largest employers is under fire from the state of Texas. This absolutely wild and bizarre lawsuit has been going on for quite some time and is frankly dumbfounding to even read.
This is an article taken from NBC (below) which outlines the crazy allegations of funnelling most of Glacial Energy’s profits to fund a Blood Diamond operation in the Congo. Sounds like a movie doesn’t it?
A lawsuit in federal court in Dallas claims more than $20 million from electricity customers in Texas and 15 other states has gone to finance “blood diamonds” in Africa.
The lawsuit alleges power retailer Glacial Energy has run a “money laundering operation” which has secretly funneled almost all of its profits to a mining operation in an area of the Congo known for “blood diamonds.”
The lawsuit accuses Glacial of being a “racketeering enterprise” whose “true business” is to “launder money to fund mining in the Congo.”
In 2006 and 2007, the lawsuit alleges Glacial declared only 3.8 percent of its profits, funneling 96.2 percent to pay for the mining operation.
Glacial declared only 3.8 percent of its profits, funneling 96.2 percent to pay for the mining operation, reports NBC.
Ok so this sounds completely ridiculous right? I have friends that work for Glacial and I’m sure a lot of people are going to be shocked by this article published by NBC.
Remember folks, don’t shoot the messenger on this (that’s me) because I can’t even fathom this being true.