Pat Costello, commissioner of economic development, recently met with a legislative panel to discuss the financial dealings of the Governor's Office of Economic Development (GOED) which became involved in a state and federal investigation into financial misconduct and involvement in the federal EB-5 program. The probe revealed that $550,000 of a $1 million payment intended to reimburse Northern Beef Packers for construction or equipment costs instead was used to pre-pay loan monitoring fees for the South Dakota Regional Center, Inc. (SDRC).
White Oak Global Advisors, an investment banking firm, submitted the winning bid for the processing plant in Aberdeen. Costello said White Oak's interest in the plant "is a good sign"; and he added that he hoped the firm would manage the plant or find someone else to re-open it.
