Statement on Frank Giustra from President Clinton
Former President Clinton released the following statement:
“Frank's support of the Clinton Foundation's work around the world is unyielding, sincere, and generous to a level most of us cannot begin to comprehend. I have been appalled by the treatment of Frank Giustra in the American press. There isn't a reason in the world he should be part of any debate in American politics,” said President Clinton. “I have no business relationship with Frank and he certainly doesn't need my help with anything he does. Our friendship was born out of a mutual interest in fighting HIV/AIDS and alleviating poverty and I'm eternally grateful for it.”
| Rhetoric | The Truth |
| In 2005, President Clinton flew to Kazakhstan with Frank Giustra to secure his multi-billion dollar mining deal with the government. | President Clinton And Frank Giustra Did Not Share A Plane To Kazakhstan In 2005. Mr. Giustra was already in Kazakhstan conducting his own business when President Clinton arrived. |
| Frank Giustra needed President Clinton’s strong support to convince the government to finalize his multi-billion dollar mining deal in Kazakhstan. | Mr. Giustra Has Been In The Mining Business For Twenty-Five Years And Has Established His Own Credibility And Wealth In The Industry. Mr. Giustra has amassed considerable wealth and respect within the industry over the course of his career. Mr. Giustra’s credentials stand on their own and do not require any legitimacy from President Clinton.
The First Company Mr. Giustra Built To Operate In Kazakhstan, Kazakhstan Minerals Corp, Was Formed In The Mid 1990's. It is now known as European Minerals. The “connections” to which the New York Times refers in its article on 1/30/08 were the relationships Mr. Giustra had built in Kazakhstan over the previous 10 years. |
| Upon arrival in Kazakhstan, President Clinton and Frank Giustra shared an elaborate late-night meal with President Nazabayev, where President Clinton convinced him to award Mr. Giustra the mining contract. | Upon Arrival In Kazakhstan, President Clinton Had A Meeting Regarding The Purchase Of Low-Cost Medicines. On September 6, 2005, President Clinton landed In Kazakhstan, Met with President Nazarbayev, signed a Memorandum Of Understanding with the Kazakh Government that allowed it to purchase low-cost medicine through the Clinton Foundation, and then attended a dinner with more than 75 guests to celebrate the AIDS agreement and his visit. |
| At the dinner in Almaty with President Clinton, Mr. Giustra took advantage of the opportunity to speak to President Nazarbayev about his hope to strike a deal with Kazatomprom, Kazakhstan's state-owned uranium agency. | Mr. Giustra Has Already Stated That He Did Not Discuss His Business Dealings With President Clinton. When asked if he had discussed his “desire to enter into partnership with Kazatomprom with Mr. Nazarbayev at any time during the brief stopover,” Mr. Giustra responded: “I did not discuss my business dealings with President Nazarbayev or former President Clinton.” Mr. Giustra has also explained, “I am confident that I did not talk to President Nazarbayev about the UrAsia business deal at that dinner. I have been involved in the mining business in Kazakhstan for a decade and may well have mentioned my general interest in the Kazakhstan mining business to him, but I did not discuss the on-going UrAsia deal.” |
| The New York Times reported on 1/31/08 that sources overheard President Nazarbayev expressing support for Mr. Giustra in his dealings with Kazatomprom, achieving the desired goal for Mr. Giustra’s and for President Clinton’s visit. | The Claim Published In The New York Times Is Based On Speculation. The Times does not report that Mr. Giustra and President Clinton discussed the UrAsia deal, nor does the Times report that President Nazarbayev offered to help UrAsia in the pursuit of its deal. In fact, the New York Times devotes several thousand words to report pure speculation. |
| Two days after President Clinton’s visit, Mr. Giustra’s company, UrAsia, signed preliminary agreements granting the rights to buy into three uranium projects controlled by Kazatomprom. | The UrAsia Deal Had Been Underway For Almost A Year. The UrAsia deal had been underway for almost a year and was substantially complete by the time President Clinton landed in Kazakhstan.
All Of The MOU Terms Had Been Settled Two Weeks Before President Clinton's Trip. In fact, UrAsia and the sellers exchanged a final version on August 25 (subject to addition of proper addresses, faxes, etc). The formal signing of the first MOU was September 8th. Kazatomprom Was Not A Signatory To Either Of The Memorandums Of Understanding Signed By Mr. Giustra's Company. It did not provide UrAsia (nor did UrAsia ask it to provide) any formal approval for the MOU signing. Additionally, UrAsia's Kazakh-Based Legal Counsel Advised The Company In Early August That Formal Endorsement From The Kazakh Government Was Not Required To Acquire The Assets. |
| “The monster [UrAsia] deal stunned the mining community, turning Mr. Giustra’s unknown shell company into one of the world's largest uranium producers.” [New York Times, 1/31/08] | When UrAsia Closed Its Deal in Kazakhstan, The Price Of Uranium Was Approximately $26. It Was Only Years Later, When The Price Of Uranium Jumped To Over $130, That Analysts Proclaimed The Deal “A Monster,” Expected To Bring Mr. Giustra Millions Of Dollars In Profits. |
| After the mining deal went through, Mr. Giustra made a secret $31.3 million donation to the Clinton Foundation. | Mr. Giustra's Contributions To The Clinton Foundation Were Not Secret. In fact, his generous support for the Clinton Foundation is well publicized and the Clinton Foundation has released all its donors.
Esquire, The New Yorker, GQ, And Others Have All Reported On The Use Of His Plane To Support Foundation Travel. Mr. Giustra's initial $31.3 million pledge was disclosed by amount on the Foundation's 990 form filed with the IRS. |
| Mr. Giustra was invited to accompany the former president to Almaty just as the financier was trying to seal a deal he had been negotiating for months. | Mr. Giustra Was Invited To Accompany President Clinton To Almaty To See The Clinton Foundation’s Work – Specifically The Clinton HIV/AIDS Initiative. Mr. Giustra was invited on the trip because, after meeting President Clinton In June 2005, he said he wanted to join the next trip he could that focused on the Clinton Foundation's work overseas, specifically the HIV/AIDS Initiative. That trip was the President's visit to Kazakhstan, India and China, and the Clinton Global Initiative in New York City.
Inviting Donors To Join Fact-Finding Trips Is A Common Practice For Foundations. It is an effective way of capturing interest and assuring them that their donation will make a serious impact. |
| Mr. Giustra has used his relationship with President Clinton to elevate his status and profits in the mining industry. | When Mr. Giustra Met President Clinton, He Was Already One Of The Most Successful Businessmen In The Mining Industry. Mr. Giustra met President Clinton in 2005 and as The New York Times reported on January 31, 2008; he was already one of the most successful businessmen in the mining industry by that time.
The Notion That Mr. Giustra's Success Over The Last 20 Years Has Any Relationship To Him Knowing President Clinton Is Demonstrably False. The only thing that has changed in those two years is the scale of Mr. Giustra's support for charitable causes. |
| President Clinton's Kazakhstan visit was organized very quickly. The New York Times reports [1/31/08] that the U.S. Embassy was notified late that President Clinton would be making a “private visit.” | Former President Clinton Is A Private Citizen. With Rare Exceptions, Every Trip That He Takes To Any Country Around The World Is A “Private Visit.”
Due To The Many Demands On President Clinton’s Time, His Schedule Is Often Arranged At The Last Minute. |
| In February 2007, Mr. Giustra arranged a meeting at President Clinton’s home in Chappaqua for Mr. Dzhakishev, the Kazatomprom chief, who wanted to discuss Kazakhstan's interest in buying a 10 percent stake in Westinghouse. The New York Times reported [1/31/08] that in the same month, “Uranium One agreed to pay $3.1 billion to acquire UrAsia…” | In The Same New York Times Article, It Is Reported That “Mr. Clinton Told [Mr. Dzhakishev] That He Would Not Lobby For Him” In His Westinghouse Negotiations. As reported in The New York Times on January 31, 2008. “Mr. Dzhakishev said he was worried the proposed Westinghouse investment could face similar objections. Mr. Clinton told him that he would not lobby for him…” The only action President Clinton has taken then or since is posing for a photograph with him. |
# # #
Learn more about our work at https://www.clintonfoundation.org/about, on Facebook at Facebook.com/ClintonFoundation and on Twitter @ClintonFdn.