Chattanooga developer Ed Cagle is allegedly no longer part of Textile Corporation of America, LLC (TCA) after alleged misconduct, unauthorized purchases, negligence, and fraud was claimed in a lawsuit filed in Bledsoe County Chancery Court on May 22, by TCA and its founders Karim and Rahim Sadruddin’s other company, Master Group USA, LLC.
How Ed Cagle went from being the President of TCA’s Board of Directors to being accused of illegal activities by the company is explained in the 50-page complaint filed in Chancery Court.
Karim said in a phone interview Monday, the company is “transparent” and still committed to its promises in Pikeville, despite slowdowns. The company’s promise includes having 1,000 people employed by TCA in Pikeville within five years.
For more, see the June 21 issue of The Bledsonian-Banner, on newsstands now.