Some EB-5 Investments Transferred to Beef Plant

Northern Beef Packers Logo

 

SIOUX FALLS, S.D. (AP) – More than two dozen foreigners who took part in an investment-for-green-cards immigration program had their $500,000 contributions transferred to a South Dakota beef plant after initially committing their funds for other projects.

Federal officials say such transfers are legal if certain conditions are met.

The EB-5 program allows foreigners to get visas if they invest in projects that create jobs for U.S. citizens.

Documents released by the South Dakota governor’s office on Monday show that 6 investors who contributed to the Dakota Provisions turkey processing plant in Huron had their funds transferred to Northern Beef Packers, which filed for Chapter 11 bankruptcy protection in July.

Another 21 foreigners who invested in an Iberdrola wind farm, which eventually took another financing route, wound up investing in the failed beef plant.


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