Fasano Raises Questions About Tech Company Deal

Aaron Kupec
July 12, 2018 - 1:49 pm
Len Fasano

HARTFORD, Conn. (WTIC) - State Senate Republican leader Len Fasano is raising questions about the deal to bring a financial tech company to the former UConn campus in West Hartford. 

Fasano wants to know more about the state's decision to give Seven Stars Cloud Group Inc., or SSC, a $10 million, partially forgivable loan. While the Senator acknowledges the tech field is appealing for Connecticut, he also wants to know where capital is coming from for the $283 million project.

Quoting an S.E.C. filing, Fasano says SSC reported a profit of less than $390,000 on roughly $186 million of revenue. 

Fasano has written to Department of Economic and Community Development Commissioner Catherine Smith seeking answers.