State-sponsored company sought foreign investors for pipeline
SIOUX FALLS, S.D. (AP) - A state-sponsored company that directed millions of dollars from foreign investors to the idled Northern Beef Packers plant in South Dakota attempted to finance the Keystone XL oil pipeline.
SDRC, Inc. submitted an application to federal immigration authorities to list the pipeline's operator as a qualifying business under a program enabling foreign investors to secure permanent residency in the U.S. for investing at least $500,000.
Federal documents were obtained through a Freedom of Information Act request.
SDRC had a contract with the governor's economic development office and used the federal EB-5 program to secure funding for the beef plant. Its contract was cancelled after officials learned it is under a federal investigation in connection with the program.
The pipeline is awaiting President Obama's approval.