Northern Beef Packers

State Reaches Settlement With SDRC for $1.5 Million

Mar 14, 2017
Kealey Bultena / SDPB

The State of South Dakota reached a settlement with the company in charge of the EB 5 immigrant investor program for the state.
 
South Dakota Regional Center Incorporated agreed to pay the state $1.5 million for past EB 5 related expenses.
 
The Governor’s chief of staff, Tony Venhuizen, says the money should also cover any further litigation.
 

EB-5 Charges No Surprise For Aberdeen Residents

Apr 7, 2016

The man who led a federal program offering visas in exchange for foreign investment dollars in South Dakota faces criminal charges in Aberdeen. That city was home to a failed beef plant that used EB-5 money. Some Aberdeen residents say the charges were expected.

 

Aberdeen Mayor Mike Levson says it wasn’t a surprise that charges were brought against Joop Bollen. He says concern over the EB-5 scandal has faded for people in his community.

Former EB5 Leader Faces Felony Charges

Mar 31, 2016

A man who spearheaded South Dakota’s efforts to attract international investors to the state faces felony charges. Joop Bollen is accused of disposing of personal property subject to security interest.

The federal EB5 program offers visas to people from other countries in exchange for $500,000 investments in American businesses. Bollen ran the effort at the International Business Institute at Northern State University in Aberdeen. Then in 2009 the program switched to private administration through Bollen’s company, SDRC, Inc.

NBP Bankruptcy And EB-5 Questions Loom

Oct 1, 2014

It’s been over a year since Northern Beef Packers went bankrupt and some business owners in the Aberdeen area say they don’t expect to recover losses.  

According to the bankruptcy filing from August of last year Northern Beef owed more than $138-million to hundreds of businesses and individual investors from around the world, and even local city and state government.

NPB was receiving millions in foreign investment through the federal EB-5 program that is now the center of controversy.

Democratic lawmakers say Medicaid and the EB-5 program are their top priorities this year.  Senate Minority Leader Jason Frerichs says the issue came to light with the Northern Beef Packers plant in Aberdeen this fall.  Governor Daugaard has ordered three audits of the EB-5 program.  But some lawmakers say the audits need to look at other programs because it uses the state’s reputation to raise money from investors. Frerichs says he’s waiting for the audit information before moving forward.

Dems Call For Scrutiny Over Missing Funds

Nov 26, 2013

The South Dakota Democratic Party is calling on the Governor’s office to appoint a special prosecutor after investigations uncovered potential misuse of  550-thousand dollars in state funds.
 
The issue is part of alleged misconduct in the state’s handling of the EB-5 immigration program, and the failed Northern Beef Packers  plant in Aberdeen.  
 
SDPB’s Charles Michael Ray has more.

AG Asked To Recuse From GOED Investigation

Nov 18, 2013

Critics are calling on South Dakota Attorney General Marty Jackley to excuse himself from the investigations into the Governor’s Office of Economic Development and the federally approved EB-5 immigration program.

The program brought in millions overseas investment from wealthy foreigners into projects like the now bankrupt beef packing plant in Aberdeen.   Overseas investors were granted green cards for contributing 500-thousand dollars to rural projects through the federal program.

Northern Beef Packers Filing For Bankruptcy

Jul 23, 2013

The Northern Beef Packers in Aberdeen filed for Chapter 11 bankruptcy protection last Friday. Aberdeen Mayor Mike Levsen says that Northern Beef Packers' current situation is not a death sentence. AJ Munger with Northern Beef Packers says the details are still being worked out and more information will come out by the end of the day or first thing tomorrow morning.