As noted in my previous post, BOTA has been cited by several major newspapers in recent months as the most successful example that the United States has for accountable, transparent and effective return of recovered corruption assets, and in its final report on the foundation, the World Bank called BOTA “a remarkable achievement.”
Entries in Kazakhstan (84)
The agreement to start the Foundation emerged in 2007 after more than two years of discussion between the Governments of the United States, Switzerland and Kazakhstan (known as “the Parties”) about the disposition of $84 million, plus interest, that had been frozen in a Swiss account since 1999.
Rolls-Royce plc agreed to pay the United States a criminal penalty of $170 million under a deferred prosecution agreement after being charged with a long-running global conspiracy to violate the Foreign Corrupt Practices Act.
Oil and gas services firm KBR said in its quarterly report Friday that the DOJ has contacted the company in connection with an investigation of Unaoil.
UK oil services firm Petrofac PLC said it launched an investigation into allegations of bribery to win contracts Kazakhstan and the Middle East.
In prior posts I noted both Kazakhstan’s successes and failures in improving its business environment and examined the possible reasons for Kazakhstan’s contradictory performance. I also provided tips for American companies contemplating potential investments in Kazakhstan or other emerging markets.
I've talked about the challenges of doing business in Kazakhstan because of its high levels of corruption and rapidly changing legal environment. In this post, I'd like to provide some tips to American companies contemplating potential investments in Kazakhstan or other emerging markets.
In the prior post I looked at the significant progress Kazakhstan has made in improving its economic attractiveness and the recognition that it received from the U.S. government for its reform. But I also noted its low rank of 126 on Transparency International’s Corruption Perceptions Index.
After reading my earlier posts about privatization opportunities in Kazakhstan and the deterrent effect of the FCPA on American investment in that country, and Kazakh listings in the U.S., a reader asked whether it is difficult to do business in Kazakhstan in an FCPA-compliant manner. Unfortunately, I have to say, yes, sometimes."