Akin Gump Assists Kyrgyz Republic in Securing Repatriation of Stolen Assets
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(Washington, D.C.) – On February 26, the U.S. Department of Justice (DOJ) announced the repatriation of stolen assets to the Government of the Kyrgyz Republic arising from the corruption and theft of government funds by the prior regime of Kurmanbek Bakiyev and his son Maxim Bakiyev. A team from Akin Gump assisted the Kyrgyz Republic in the matter.
Akin Gump lawyers identified these funds as part of the criminal prosecution criminal prosecution of Eugene Gourevitch for insider trading in the U.S. District Court for the Eastern District of New York, and a $6 million forfeiture order was subsequently entered by the Court. Akin Gump lawyers, on behalf of the Kyrgyz Government, filed a Petition for Remission with the DOJ, claiming that the funds subject to the forfeiture order traced back to monies stolen by Maxim Bakiyev from Kyrgyz state authorities and other banking institutions. On Oct. 4, 2018, the Department of Justice granted the Remission Petition.
So far, approximately $4.5 million of the $6 million ordered to be forfeited and approved for repatriation have been collected. These funds will be deposited in the account of the Government of the Kyrgyz Republic
In a joint statement by the Kyrgyz Republic and the U.S. State Department issued on February 26, the Government of the Kyrgyz Republic confirmed that the repatriated assets will be used for the benefit of the Kyrgyz people, with a focus on social projects and anti-corruption and transparency.
The Akin Gump team advising the Kyrgyz Republic in the matter was co-led by litigation partner Paul Butler and consultant Toby T. Gati, and included retired partner Larry Tannenbaum and Russia/Eurasia analyst Dariya Fadeeva. The team worked closely with the presidential administration of the Kyrgyz Republic and the new finance minister to bring this matter to a successful conclusion.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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