Settlements

ST-249
Kazakh Oil Mining / US Settlement (BOTA Foundation)
Kazakh Oil Mining
United States
Department of Justice
Kazakhstan
2007
05/02
Kazakhstan, Switzerland
Other (Confiscated Funds)
Other
Memorandum of Understanding
Civil Confiscation
$84,000,000.00
$0
$84,000,000
$84,000,000
BOTA Foundation (see Summary for explanation)
Art.16, Art.23
Art. 1, Art. 7
Unspecified
Unspecified
Yes
Pursuant to a 2007 Memorandum of Understanding among the Governments of Kazakhstan, Switzerland and the United States, approximately $84 mllion held on deposit in the account of Orel Capital Ltd. at Credit Agricole Indosuez in Geneva, Switzerland were transferred in July 1999 to an account in the name of the Treasury of the Ministry of Finance of the Republic of Kazakhstan at Pictet & Cie in Geneva, Switzerland. The funds had been frozen by order of a Swiss examining magistrate and in the United States, a criminal indictment had been filed against James H. Giffen and Mercator Corporation which included a criminal forfeiture allegation. The MOU stipulated that the funds be used to establish and operate the BOTA Foundation which carries out social programs and whose operations are being overseen by the World Bank pursuant to a Service Agreement. (Source: Memorandum of Understanding Among the Governments of the United States of America, the Swiss Confederation, and the Republic of Kazakhstan (May 2007); Amended in 2008.) Please note that the amount of forfeited and returned sums are noted on the Kazakh Oil Mining - US Settlement Bota Foundation entry only so as to avoid double counting of settlement sums.