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Why Did Banking Commission Exempt NBP Bank from Bank Franchise Tax?

One more detail sneaks out of Denise Ross's report on Joop Bollen's inept management of Northern Beef Packers. The South Dakota Banking Commission may have exempted an honest-to-goodness bank from our bank franchise tax:

Kang said once it became clear that Chinese Development Industrial Bank out of Taiwan was willing to loan Northern Beef $30 million through its subsidiary, Anvil Asia Partners, Hanul and Bollen began working directly with bank officials [Denise Ross, "Source: Bollen, Lawyer in Control of Northern Beef Operations, Finances," Mitchell Daily Republic, 2014.10.17].

Remember: Northern Beef Packers got a $30 million loan from Epoch Star Limited, which was a subsidiary of Pine Street Special Opportunity Fund, which was a subsidiary of Anvil Asia Partners, which Kang says was a subsidiary of the Chinese Development Industrial Bank.

Under pressure from the Governor's Office of Economic Development, the South Dakota Banking Commission said Epoch Star didn't have to pay bank franchise tax on that loan.

Cut out the middle words, and we see the South Dakota Banking Commission saying a bank making a loan wasn't really a bank making a loan.

Gee, Republicans, I think calling that a "special tax break to a shady offshore corporation" is putting it mildly.


  1. Jim 2014.10.17

    The banking commission basically said we are going to do as requested and pretend this bank subsidiary lending money is not a bank. Pure fiction. The question is who put the pressure on them to arrive at that decision?

  2. Bill Fleming 2014.10.17

    As far as I can tell, none of the stations have pulled down the ads.

  3. jerry 2014.10.17

    The truth is hard to pull down, even in South Dakota regime politics.

  4. lesliengland 2014.10.17

    WOW! thx denise!! Who omitted info. or delayed your ability to get to this info. at the state level? Tidemann, GOAC, Regents, Jackley, Daugaard, Risk Office, Rounds, GOED, or Bollen?

    Rounds met with them all at the capitol. what communication went to Banking Commission/staff, Jackley? Preserve the evidence.

    South Dakota failed to pay 2/3s of Fee from Spademan, so what did the risk analysis office do?

    "utter financial disaster"-"in way over their heads"

    geez. where does the buck stop.

  5. lesliengland 2014.10.17

    marverick spade, not "spademan". sorry

  6. Jenny 2014.10.19

    That's it, keep following the money. Who's on the Banking Commission?

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