The Kentucky Supreme Court won't review a case concerning whether the state can withhold records identifying shareholders in Braidy Industries, which means prior rulings requiring the documents' release will stand, a lawyer for the Courier Journal said.

The state was one of the earliest investors in Braidy Industries, which plans to build a $1.7 billion aluminum rolling mill in Eastern Kentucky. The company has attracted more investors since the state signed on, including a Russian aluminum company called United Co. Rusal.

Courier Journal attorney Jon Fleischaker said the state's highest court denied a request from Gov. Matt Bevin's administration asking to weigh in on an appellate court decision that said the names of Braidy investors should be publicly available.

That decision by the Kentucky Court of Appeals earlier this year upheld a 2018 ruling by Franklin Circuit Judge Phillip Shepherd, who determined the state isn't legally allowed to withhold public records that identify Braidy shareholders.

Earlier:Braidy must raise $300M or risk losing $100M from Russian company

"Obviously, this is a big decision," Fleischaker said of the state Supreme Court's choice this month. "It effectively affirms Judge Shepherd’s decision that we’re entitled to this information. ... It’s the right decision because we’re dealing with a state investment in a company, and all of us have a right to know who we’re investing with."

Braidy announced its plan to build a massive mill in the eastern part of the commonwealth in 2017. State government directly invested $15 million in the company.

The Courier Journal requested state documents that identified Braidy's investors, but the Kentucky Cabinet for Economic Development withheld relevant records, citing exemptions within state law.

Attorney General Andy Beshear, a Democrat now running for governor against Bevin, determined in October 2017 that the records should be disclosed, and the cabinet took the matter to court. Meanwhile, Braidy voluntarily identified several people as shareholders in December 2017.

The court case continued, resulting in Shepherd's March 2018 ruling, which the Economic Development Cabinet appealed and the appellate court upheld.

From May:Court rules Bevin must release Braidy investors' names to the CJ

Now, Fleischaker said there's no higher court for the Economic Development Cabinet to appeal to, and the Courier Journal will go back to Shepherd's court to request access to documents the state has been withholding from public view.

A spokesman for the cabinet indicated the government agency will do as the court asks.

"We disagree but will comply with the court’s directive in this case," spokesman Jack Mazurak said. "This case has no precedential value going forward because the company had already released the shareholder information at issue and because the Supreme Court expressly ordered that the lower court’s opinion in this matter is not binding in future cases."

Shepherd previously ruled that the Economic Development Cabinet must pay the Courier Journal's court costs, and Fleischaker said the Courier will ask for its expenses during the appeals process to be covered, too.

Joe Gerth:Is Braidy Industries of Kentucky getting in bed with Russian mobsters?

Morgan Watkins: 502-582-4502; mwatkins@courierjournal.com; Twitter: @morganwatkins26. Support strong local journalism by subscribing today: courier-journal.com/morganw.