FOR IMMEDIATE RELEASE
Contact: Chelsea Newhouse
According to a recent UN report, close to US$4 trillion is stolen from governments or generated by bribes or other forms of corruption each year in countries around the world—an annual sum well above the total budgets of numerous developing and transition country governments. Despite often heroic efforts, however, the record of successful discovery, confiscation, and effective return for social re-use of these vast assets has been frustratingly meager.
This limited success in returning such assets for effective social re-use is largely due to the complexity of the process. Also at work, however, is that so much of the attention has had to focus on the challenges of locating, documenting, freezing, and confiscating stolen assets that too little attention has been available to focus on the all-important question of what to do with these assets if and when they become available for potential return.
The document being released today by the PtP Project seeks to remedy this shortcoming by focusing on one of the most promising of the social re-use and return options available. This is the option exemplified by the case of the BOTA Foundation in Kazakhstan, and by close to 600 other foundations that have emerged around the world as a byproduct of similar transactions involving public or quasi-public assets, a process we have termed “philanthropication thru privatization,” or PtP for short.
As such, the present booklet, “How to Apply PtP to Stolen or Stranded Assets” builds on a previously issued case study of the BOTA Foundation, which successfully used the confiscated assets from a sizable bribe received by a political leader in Kazakhstan to create a highly successful charitable foundation dedicated to the health and well-being of Kazakhstani children.
In the booklet, Aaron Bornstein, who was executive director of the BOTA Foundation, and Dr. Lester Salamon, director of the PtP Project and of the Johns Hopkins Center for Civil Society Studies, show how the PtP concept can be fruitfully applied to a range of stolen, dormant, and penalty-based assets to build permanent endowments for the common good, and the enormous win-win benefits that can result for governments, businesses, civil society, and communities.
More specifically, this booklet:
Further reading on stolen assets and PtP:
The BOTA Foundation: A Model for the Safe Return of Stolen Assets?
Philanthropication thru Privatization: Building Permanent Endowments for the Common Good
The PtP Beat Goes On: A New Cache of PtP Foundations
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About the PtP Project | email
The Philanthropication thru Privatization (PtP) Project seeks to document and promote the further adoption of an option for the creation of independent charitable foundations around the world by capturing all or a portion of an assortment of transactions involving the transformation of public or quasi-public assets into private wealth. The PtP Project is directed by Dr. Lester M. Salamon, a professor at the Johns Hopkins University and director of the Johns Hopkins Center for Civil Society Studies (CCSS). Administrative and technical support for the Project is provided by the East-West Management Institute (EWMI) with generous support from the Volkswagen, Charles Stewart Mott, Ford, la Caixa, and King Baudouin foundations as well as eight Italian foundations of banking origin through their Association of Italian Foundations and Savings Banks (ACRI). For more information about the PtP Project, visit p-t-p.org.
About Aaron Bornstein | email
Aaron Bornstein is an anti-corruption expert with expertise in creating and leading the first foundation in the world established with funds from a U.S. Foreign Corrupt Practice Act settlement.
About Lester M. Salamon | email
Dr. Lester M. Salamon is a Professor at The Johns Hopkins University and the Director of the Johns Hopkins Center for Civil Society Studies and of the Philanthropication thru Privatization Project. The author or editor of over 25 books on the tools of government and the global civil society sector, Dr. Salamon previously served as Deputy Associate Director of the U.S. Office of Management and Budget in the Office of the U.S. President.
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