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Entries in James Wolfensohn (1)

Tuesday
Apr142015

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. Talks between the U.S., Switzerland and Kazakhstan on the disposition of the $84 million, plus accrued interest, in the Swiss Pictet and Cie Bank, started in 2003, shortly after James Giffen was arrested and charged with violating the Foreign Corrupt Practices Act.

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