Gov. Jim Justice’s (R-WV) latest financial disclosures reveal that his business empire is producing little to no liquid assets, raising questions about the former billionaire’s ability to financially contribute to his Senate campaign.
Justice…has faced years of scrutiny over his well-documented financial and legal woes. The governor’s family business owns 147 companies, including coal mines, processing facilities, agricultural companies, and the landmark Greenbrier Resort in his home state.
[Justice’s net worth] has since plummeted to somewhere between $400 million and $500 million, the result of scores of lawsuits and an accumulation of nearly $1 billion in debt.
Justice stated in a personal financial disclosure in late September, submitted 134 days past the Senate Ethics Committee’s candidate filing deadline on the first day a fine would be imposed, that his assets were valued between $37.5 million and $1.9 billion.
Despite this, Justice reported having between $34,006 and $161,001 in bank deposits across all personal, spousal, and joint bank accounts. He and his wife also reported only earning a combined income of between $24,609 and $72,000 from just nine of their 147 assets, according to the PFD. The Justices listed between $1,918,013 and $4,045,000 in real estate assets in the disclosure, including 13 residential and unimproved land units.
The PFD also makes note of some of the governor’s significant debts, with $37.5 million to $108.1 million in liabilities reported.
A spokesman for Justice’s Senate campaign did not respond to the Washington Examiner’s request for comment on the filing, which was submitted as the governor faces a costly primary fight ahead of what could be the most expensive race in Senate history.
Speaking to reporters late last month, Justice acknowledged he had a liquidity issue but denied any notion of financial or business impropriety.
Justice is currently facing Rep. Alex Mooney (R-WV) in the contest to be the GOP nominee in next year’s Senate race. Mooney, who launched his Senate bid late last year, has the backing of the well-funded Club for Growth. The group has spent months attacking Justice over his substantial debt and allegations of stiffing employees, creditors, and others in an attempt to boost Mooney’s candidacy.
The primary contest will not be cheap for Justice… [Mooney] raised more than $13.5 million in the second quarter of this year through the Club and a separate super PAC.
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