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.
An Alabama grand jury has indicted the chairman of National Steel Car on securities fraud charges.
The indictment made public Friday accuses Gregory Aziz of Hamilton, Canada, of misleading officials with Alabama's state pension program to get financing for a rail car manufacturing plant that was never finished in northwest Alabama. The 10-count indictment claims Aziz misled officials about how much the plant would cost.
Aziz's attorney, Joe Espy, says they are reviewing the charges and hopeful that they can be resolved.