Rail Car Exec-Bond
4:05 pm
Fri November 22, 2013

Canadian Exec Free On Bond In Alabama Case

Gregory Aziz, the chairman and CEO of National Steel Car Ltd. of Hamilton, Ontario, was released by a Colbert County judge on $1 million bond Thursday.
Credit Sean Marshall / Flickr

A Canadian executive is free on bond in Alabama, and his attorney predicts the case will be resolved positively once all the facts are provided.

Gregory Aziz, the chairman and CEO of National Steel Car Ltd. of Hamilton, Ontario, was released by a Colbert County judge on $1 million bond Thursday. Aziz posted $250,000 in cash and will forfeit the remainder if he fails to appear in court.

He was indicted on 10 counts of securities fraud. He's accused of trying to defraud the Retirement Systems of Alabama of $350 million to build a rail car plant in northwest Alabama that was never finished.

Aziz's attorney, Joe Espy, said the businessman worked hard to finish the project, but it was a victim of the nation's economic problems in 2008.