Charlo company claims it never received $4M loan from Moncton firm

A Charlo company is taking a Moncton-based firm to court, alleging it never got the millions of dollars it was promised.

The Acadie-Nouvelle reports HIL Group agreed to advance $100,000 to VM Venture in exchange for a $4 million loan to be invested in Spanish bioreactor technology in New Brunswick.

But HIL Group claims it never received the loan.

VM Venture's Moncton office is currently empty and the company has still not filed its statement of defence with the courts.

HIL Group isn't commenting on the matter because it's before the courts.

It's seeking to recoup the $100,000 plus interest.

(with files from the Acadie-Nouvelle)