U.S. Repatriates Stolen Assets to the Kyrgyz Republic

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Saturday, March 9, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
3
Abstract: 

On February 26, 2019, the United States and Kyrgyz Republic announced the repatriation of $4,560,700 of stolen assets to the Government of the Kyrgyz Republic arising from the corruption and theft of government funds by the prior regime of Kurmanbe Bakiyev and his son Maksim Bakiyev.  The U.S. government identified these funds in the United States in the criminal prosecution of Eugene Gourevitch, who faced charges for insider trading in the U.S. District Court for the Eastern District of New York. A $6 million forfeiture order was subsequently entered by the court. After Gourevitch’s conviction, the Kyrgyz Republic, through its counsel, Akin Gump Strauss Hauer & Feld, filed a Petition for Remission with the U.S. Department of Justice, claiming that the funds subject to the forfeiture order traced back to monies stolen by Maxim Bakiyev from Kyrgyz state authorities and banking institutions. On October 4, 2018, the U.S. Department of Justice granted the Remission Petition.