In 2005, former president Bill Clinton traveled to Kazakhstan to meet with its leader, Nursultan Nazarbayev. Clinton flew to Almaty with the Canadian mining financier Frank Giustra on Giustra’s private jet, the New York Times reported Thursday.… Continue Reading
The BOTA Foundation surpassed most of the expectations that its founders had for it. BOTA was able to efficiently and effectively return more than $115 million (the original $84 million associated with corruption plus accrued interest frozen Pictet and Cie Swiss bank account) to poor children, youth and their families.… Continue Reading
BOTA had three programs, with its largest, the Conditional Cash Transfer (CCT) Program, briefly explained in the previous post. Funds from the Pictet and Cie bank account associated with James Giffen and President Nazarbayev were used in two other ways to help poor children and youth in Kazakhstan: via a NGO grants program, called the Social Service Program (SSP), and through a scholarship program known as the Tuition Assistance Program (TAP).
The SSP was a very innovative program.… Continue Reading
The background of BOTA Foundation was explored in previous posts. Starting with this post I would like to explain what BOTA actually did in its five and a half years of operation.… Continue Reading
BOTA was the first foundation ever established as a result of an FCPA case, and the question explored in this post is how it was set up.
There are two important facts to keep in mind as background: Kazakhstan was in a disadvantaged position in the negotiations (it needed BOTA to solve a political problem discussed in Part Three); and, the U.S.… Continue Reading
The BOTA Foundation explained (Part Five): The roles of the U.S., Switzerland, and the World Bank in BOTA’s creation
In the case of BOTA, it took four to tango: the governments of Kazakhstan, the United States, Switzerland and the World Bank. For Kazakhstan, as explained in the previous post, BOTA provided a face-saving “out” for President Nazerbayev.… Continue Reading
What were the motivations of the key actors responsible for the creation of BOTA Foundation — the governments of the United States, Switzerland, and Kazakhstan? And what role did the World Bank play, as well as opposition politicians and civil society activists in Kazakhstan?… Continue Reading
The story of the failed FCPA prosecution of James Giffen is likely familiar to many readers of the FCPA Blog. Following a three-year investigation by the DOJ that started in 1999, in March 2003 Giffen was arrested as he was boarding a Paris bound plane at JFK.… Continue Reading
The story of BOTA’s capital and creation starts with politics and oil in Kazakhstan, the last of the ex-Soviet republics to gain its independence in 1991. As well chronicled in Steve LeVine’s definitive account of the era, The Oil and the Glory, during the 90s there was a scramble amongst Western interests to secure oil drilling rights in the Caspian Sea, which had some of the largest untapped reserves in the world.… Continue Reading
The failed FCPA prosecution against James Giffen has been discussed extensively on the FCPA Blog and elsewhere. So has the BOTA Foundation, which was established in 2008 as a direct result of the Giffen case.… Continue Reading
An oil and gas services firm based in Scotland was fined £170,000 ($267,000) after admitting that a former Kazakhstan-based employee paid bribes to win work.
Extradition is the official process where one country transfers a suspected or convicted criminal to another country. The process dates back to at least the 1300s BC, when Ramesses II of Egypt negotiated an extradition treaty with Hattusili III, a Hittite king.… Continue Reading