Skip to content

Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Bill Steinman
Contributing Editor

DOJ indicts Karimova for taking $866 million in bribes

The DOJ unsealed charges Thursday against an Uzbek telecom exec and the daughter of the former Uzbek president for their roles in an $866 million bribery and money laundering scheme.

Gulnara Karimova, 46, was charged with conspiracy to commit money laundering, the DOJ said

Bekhzod Akhmedov, the former head of MTS Uzbek subsidiary Uzdunrobita, was charged with two counts of violating the FCPA, one count of conspiracy to violate the FCPA, and one count of conspiracy to commit money laundering. 

According to the DOJ, Karimova demanded “hundreds of millions” in bribes from Telia, Vimpelcom, and MTS to acquire telecom licenses in Uzbekistan.… Continue Reading

Russian telecom pays $850 million to resolve FCPA offenses

Russia’s biggest mobile phone company will pay $850 million in penalties to the DOJ and SEC to resolve FCPA violations, the SEC and the company said Wednesday.

MTS agreed to the SEC’s order finding that it violated the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and will pay a $100 million penalty to the SEC.… Continue Reading

MTS reserves $840 million for FCPA settlement

Alexey Kornya, MTS president and CEORussia’s biggest mobile phone company said it reserved $840 million to resolve a possible FCPA enforcement action by the DOJ and SEC.

Moscow-based MTS said it is cooperating with an investigation by U.S.… Continue Reading

SFO moves to seize Karimova assets

The UK Serious Fraud Office said Wednesday it is trying to recover assets bought with money connected to corrupt deals in Uzbekistan.

“The claim concerns a number of assets, including three UK properties, which the SFO alleges were obtained using the proceeds of corrupt deals in Uzbekistan involving Gulnara Karimova and Rustam Madumarov,” the SFO said

Karimova, 45, the eldest daughter of the late Uzbek President Islam Karimoa, allegedly took at least $300 million in bribes from Sweden’s Telia Company AB and Amsterdam-based VimpelCom.… Continue Reading

How do kleptocrats spend the money?

Last week police in Malaysia arrested former prime minister Najib Razak after seizing $273 million of loot from his houses and condos.

Prosecutors think Najib and his wife bought the loot with money stolen from Malaysia’s sovereign wealth fund, 1MDB.… Continue Reading

Aaron Bornstein: Key Lessons of the BOTA Foundation

In my recent previous posts on the BOTA Foundation, I recapped its history and provided what I think were some of the critical factors which led it to be recognized as the most successful example the United States Department of Justice has had to date in returning recovered corruption assets.… Continue Reading

The BOTA Foundation Revisited – Part One: Introduction

What happens when recovered assets that were stolen by kleptocrats are not simply returned to the government currently in power, but used to benefit victims of corruption — the poor?

What if the mechanism to return these assets is a foundation, monitored by civil society activists as well as a multilateral finance institution like the World Bank?… Continue Reading