1 min read

Feds Notify SD Of Intent To End EB-5 Program Participation

Associated Press0

PIERRE, S.D. (AP) — The federal government intends to terminate South Dakota’s participation in a program designed to recruit wealthy foreign investors for projects because of administrative problems.

The U.S. Citizenship and Immigration Services has determined that South Dakota’s regional center for the so-called EB-5 program isn’t promoting economic growth. The wealthy participants are promised green cards in exchange for their investment.

The agency says administrators have also failed to submit required information.

Tony Venhuizen is chief of staff to Gov. Dennis Daugaard. Venhuizen says nearly all of the federal agency’s findings relate to a private company that previously managed the regional center.

Venhuizen says the state has hired an immigration law firm for advice on how to move forward after receiving the notice. The state is also suing the private company, SDRC Inc.

The AP is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.
Website http://ap.org/

Related Posts