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AP News Summary at 5:35 p.m. ESTPercentages: FG .526, FT .625. 3-Point Goals: 5-14, .357 (Hicks 3-5, P.Johnson 2-3, Carter 0-1, Dilione 0-1, Dunn 0-1, Kern 0-1, Baldwin 0-2). Team Rebounds: 1. Team Turnovers: 1. Blocked Shots: 1 (Konan Niederhauser). Turnovers: 11 (Baldwin 4, Dilione 4, Carter, Dunn, Nzeh). Steals: 5 (Kern 2, Baldwin, Hicks, P.Johnson). Technical Fouls: None. Percentages: FG .481, FT .500. 3-Point Goals: 4-18, .222 (Dean 2-5, Tripp 1-1, Medor 1-2, Pettis 0-1, Smith 0-1, Richardson 0-2, Rivera 0-2, J.Johnson 0-4). Team Rebounds: 3. Team Turnovers: None. Blocked Shots: 1 (Smith). Turnovers: 14 (Tsimbila 3, Dean 2, J.Johnson 2, Medor 2, Richardson 2, Rivera 2, Tripp). Steals: 9 (Tripp 4, J.Johnson 3, Medor, Rivera). Technical Fouls: None. .King and PM honour former US president Jimmy Carter after his death aged 100
A few days after losing re-election in 1980, President Jimmy Carter attended a tribute to Aaron Copeland that included his Fanfare for the Common Man . If any president embodied that work, it was Carter. Citizen, veteran, farmer, governor, president, Sunday school teacher, peace promoter, home builder for those without shelter. Carter was the antidote to the disgraced president Richard Nixon and all the damage he inflicted on America’s democracy. Carter projected honesty, compassion, religious rectitude, morality, racial justice and public service. Rosalynn, his life partner in marriage and governance, his wife of 77 years and First Lady, was as devoted to public service as her husband. President Jimmy Carter waves to the crowd while walking with wife Rosalynn and their daughter Amy to the White House following his inauguration on January 20, 1977. Credit: AP//Suzanne Vlamis Carter’s virtues embroidered his presidency. He worked so hard. His ambitions were noble. Carter’s approval rating was 75 per cent in his first months in office in 1977. But a series of events overtook him. Carter’s highest priority, a national energy plan, took 18 months to enact and was only a marginal success. In 1979, the US was hit with an oil shock spurred by Iran and OPEC that cut supplies and drove up prices. There were petrol lines everywhere. That summer, the country was gripped by a sense of profound drift. For 10 days, Carter retreated to Camp David for meetings and consultations with experts and citizens to help him find answers to the country’s deepening malaise. Carter came down from the mountain and delivered a sermon to the country on what was wrong: “It is a crisis of confidence. It is a crisis that strikes at the very heart and soul and spirit of our national will. We can see this crisis in the growing doubt about the meaning of our own lives and in the loss of a unity of purpose for our nation. The erosion of our confidence in the future is threatening to destroy the social and the political fabric of America.” Loading A few days later, Carter fired five members of his cabinet. His approval rating sank to 30 per cent. The American people’s loss of confidence was in the president and his ability to govern. In November 1979, following the return of Ayatollah Khomeini and the overthrow of the Shah, who was aligned with the West, the US Embassy in Tehran was seized and 52 American diplomats were taken hostage. A rescue mission failed spectacularly in April 1980, with American service members lost when their helicopters crashed in the desert. The Iranians, intent on further humiliating America and its leader, did not release the hostages until moments after Carter ceased being president. Those were the depths of Carter’s presidency. The fights over his policy agenda were agonising. It got to a point where many Democrats in Congress took more relish in attacking and criticising the White House than in attacking and beating the Republicans. Inflation would hit an all-time high of 14.6 per cent in the election year of 1980, accompanied by even higher interest rates.
Uruguay to pick new president in a run-off set to go down to the wirePresident of the Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi, recently had an interactive session with members of the Finance Correspondent Association of Nigeria (FICAN), during which he shed some light on President Bola Tinubu’s tax reform bills and also explained why the proposals are for the overall good of the country’s economy. Tony Chukwunyem reports President Tinubu’s tax reform bills, currently before the National Assembly, have sparked a lot of controversy among various groups in the country, with some critics questioning the President’s decision to send the bills to the lawmakers at this time. What is your take on the issue? I’m not here to say whether the timing of the tax reform bills is right or wrong. I even believe that it is right and that we need those amendments passed as quickly as possible so that the Nigeria can actually benchmark its economy against other countries’. As we are speaking, a lot of people want to invest in Nigeria. The President is going all over the world, marketing the country. It is good to market the country, but the people who are coming into Nigeria, will do their background check; they will still do all the necessary findings before they come because you are just one of several countries in the world. So for them to come, there has to be certainty on what they want to put on the table. I will give you an example. Taxation is a major point; it is a major variable that they must be sure of before they come in. So for tax professionals, how do you advise an American or a French person that we have about 65 types of taxes; how do you explain that? You are already demarketing the country yourself. And if you don’t say it, you are telling lies and as a professional you are not supposed to tell lies. These 60 or 65 taxes, depending on the state you are visiting, exclude the activities of non-state actors; those ones who would come to your shop and ask you to do something (part with your money) otherwise they would disrupt your business. You are carrying goods from one point to another and they are not allowing you to do that. So for tax professionals we have been longing for this kind of bill so that we will have certainty of the law guiding and administering the tax arrangement in the country. Also, statistics reveal that only nearly five different types of taxes that we have among the 60 or 65, are actually bringing in over 90 per cent of our tax revenue. Now how do you bother the system, disturb a business, disturb a company, disturb the personnel working with company with about 60 different types of taxes that are not helping the country? If revenue is by the number of taxes that you collect, Nigeria’s tax to GDP will be over 30 per cent. So why are we struggling with a low tax to GDP ratio? So, it means that we just have those things as nuisance tax as we call them. You are not helping the system. President Tinubu mentioned his dislike for multiple taxation immediately after he assumed office and he walked the talk and set up a committee and we are where we are today. So to me, that we are bringing sanity to the tax space is a great thing. Imagine the fact that companies receive letters from local government that they want to check their books; states will write that they want to check their books for various tax responsibilities; FIRS will also write. The laws that set up these tax laws and responsibilities allow for audit. So you can’t say FIRS don’t come and audit me. FIRS can call you for audit and they can do investigation. The state has the same power. So when you subject somebody who is operating in a very hostile business environment to this kind of tax administration, you are not helping that system. And after sometime, people don’t want to do business again. They will prefer to put their money in treasury bills. They would say, let me invest somewhere else and I won’t need to bother myself with diesel, generator and these people coming from revenue office. That is not helping us because you can only create employment when people do business; when they set up companies. So the benefits of the tax reform bills are enormous. You have the benchmark for the threshold for small business being raised from 25 per cent to 50 per cent; that is a major move. What they are saying is that, have more money in your hand; go and do your business; once you are prosperous enough, then you can visit us or we can visit you. But if you are still operating between the 25 and 40 per cent threshold, most likely, your working capital will be impaired. And you know getting money from the banks, particularly for SMEs in Nigeria, is a tall order. Also, you know that you can’t drive economic activities with taxation because without economic activities there will be no taxation. The moment you put too much pressure on companies, they will fold up and they will not be there tomorrow for you to collect anything. Can you share your views on the debate over the proposed derivation of Value Added Tax (VAT) based on consumption? We have talked so much about derivation as if it is the only thing in the VAT bill. If you buy equipment, before now, the money you expend to put the infrastructure for the equipment and the like in place, let’s say N200 million, by virtue of what we have as at today, depending on the nature of that equipment, you can’t retrieve your money until five or 10 years. But what is being proposed in this bill is that your equipment, the amount you spend on assets, will be zero rated. Zero rated means that you can claim the input. So that in that year, you will claim the input and that is all and of course your turnover or whatever it is that is your output. Another aspect of the benefit of this bill is that before now, once you do the differential and government needs to refund money to you, under this bill, the process for refund is made simpler. But as we speak and I have been in practice for quite some time, no company can get refund from the FIRS until they subject you to another round of audit and that will take years. So the amount of relief that is being given to the tax payer under this proposal is enormous. And again I repeat that the derivation principle, if it would pose a problem, then it can dropped. Everybody must be carried along. If state A is not doing well the fall out of not doing well will get to the state that is doing well. So beyond economic activity you also need to look at the social aspects of the bill and the political balancing, that is fair. How would you react to the view that the reason there is so much controversy about the tax reform bills is that the Presidency didn’t consult widely enough before sending them to the National Assembly? There was a lot of consultation among tax professionals within the six geo political zones in the country, but evidently it is not enough. And I think it won’t be enough. What we tax professionals need to know is that we have talked to ourselves and those who were not part of the consultation have all the facilities to read what was going on. But for the political leaders, I was expecting a lot of consultations and buyin, because without buy in, this massive change will look strange to some people and that is what we are seeing. I expect that consultation at this level to be led by the President himself. This is because Nigeria has a lot to gain once this thing is successful and we have a lot to lose should it not be successful-God forbid. So I expect the Presidency, the political leaders to lead the consultations. Let’s not be carried away; and that is why as an Institute, we are sticking to the technical points. The political leaders know how they can actually talk to themselves. So we recommend that this should be done immediately so that everybody will be on the same page. Won’t low income earners be adversely affected by these bills as it appears they are not being consulted? I don’t see how it will adversely affect them. Even at the point of deliberation on the bill some state internal revenue chairmen asked questions about who would be paying personal income tax in form of PAYE in the their states under the new minimum wage. Now, let’s work with the statistics. What do you actually receive from somebody receiving N30, 000? In any country, the big people are the ones who actually pay personal income tax and statistics have shown that they are under 10 per cent. So we have all the big people in the country so what they need to do is to be good. Now there is another school of thought that says don’t exempt anybody; once they pay N1 or N2 into the pocket of the government it gives them the moral right; a sense of belonging. But ‘sense of belonging’ for somebody who is dying? So, I think that the voice for exception for low earners should be louder. Years ago, I represented this Institute-I was not the President then- at a public hearing held by the National Assembly on minimum tax. As an Institute we have spoken against minimum tax. This is because, minimum tax is capital erosion. Somebody has done his business for a year, he didn’t make profit (because you are supposed to subject his profit to tax computation), but he didn’t make profit and you say he must do minimum tax. Where is he getting the money from? From his capital. So you are eroding the capital. And in Nigeria, we have gone through a lot of trails, if I can use that word. As the President said: ‘Let the poor breathe’. If we must follow that slogan, then exempt the low earner so that Nigeria will be better. What is likely to be the impact of the tax reform bills, if passed, on financial inclusion? I will go back to the cashless economy policy of the Central Bank of Nigeria (CBN) and its naira redesign programme. For those of us who have travelled outside this country, how often do you see people carrying cash? God help you if you are a black man and you get to any store in London and you bring out 100 pounds or 50 pounds. I have met a Briton who said he has never sighted 50 pounds in his life time. And we are carrying cash up and down in Nigeria. Who benefits? I’m speaking to the benefits of cashless economy and the naira redesign programme. Whatever the immediate past CBN Governor has done right, we acknowledge; whatever he has not done right, we isolate and deal with it on its merit and not to throw everything into the dustbin. So let’s take the very reasonable conclusion on the cashless economy: many people should have access to banking services. However, to do that, you also need to talk to CBN. The outrageous charges are also one of the things driving people away from the banks. Thank God for the fintechs; those ones are doing better. And I say to the established banks; they’d better wake up on time before they drive all of us to the fintechs. I have entered major hotels in this country and I bring out my debit card and I see Moniepoint or Opay and I say, where are the big banks of this world? Let it not be like NITEL and the experience we are having now. So don’t drive away people from the banking sector through outrageous charges. Once you don’t do that many people will come into that space and of course it will be easy to trace transactions. Furthermore, government must hold consultations on the tax reform bills at a very senior level; it should not be left to technocrats alone. When they are in a meeting and there are aspects that are not too clear to them, they can bring in technocrats to make our presentations and we leave the hall for them. They understand their language; they know how to talk to themselves. They need to do that at this time. But the most important thing is this. Let us assume that all the issues are resolved and the bills become an Act. If we give our money in terms of our tax payments to the government and we still see this kind of lifestyle shown by Local government chairmen, spouses of local government chairmen, state governors and by the leadership at the Federal level, it will be difficult for you to have voluntary compliance. I say this with all emphasis. So we appeal to our political leaders- it is a fiduciary duty to the nation-before you leave large go and be a Dangote. And the Dangote himself is not even living large. So as a political leader stop living large at our expense; tone down the opulence. Once you do this, you will restore the trust deficit that has been lost. Once the trust deficit is restored then there will be voluntary compliance, once there is voluntary compliance, cost of collection will go down and revenue will go up. This is the way to go; this is what we recommend to government. We won’t be tired of giving our recommendations. This is because we are the ones advising people to go and pay your taxes; it’s the right thing to do; its what will make Nigeria great and so on. The Economic stabilisation bills, which we pray will turn into an Act, will not on its own make Nigeria an el dorado. What will make Nigeria an el dorado is very good usage of tax revenue.
Dec 2 (Reuters) - Microchip Technology lowered its third-quarter revenue forecast on Monday and announced the closure of its wafer manufacturing factory in Arizona, as the chipmaker looks to restructure under interim CEO Steve Sanghi. Microchip has been through a tumultuous few quarters, grappling with slowing orders for its automotive chips as carmakers, navigating an uncertain macro economy, clear existing inventory which they built up to avoid a supply crunch. The company now expects revenue to be close to the lower end of its previous forecast of $1.03 billion, below analysts' expectations of $1.06 billion as per data compiled by LSEG. Shares of Microchip fell over 3.5% in extended trading after being around 3% higher at close. The company's stock has fallen 22% so far this year. Microchip expects to shut down the Arizona facility in the September 2025 quarter and generate annual cash savings of around $90 million. "With inventory levels high and having ample capacity in place, we have decided to shut down our Tempe wafer fabrication facility that we refer to as Fab 2," said interim CEO Sanghi, who came into the role after Ganesh Moorthy retired from the top job at the end of November. The company said the closure should help the company moderate its inventory levels beginning in the fourth quarter and will affect around 500 employees. The company said that its other factories in Oregon and Colorado have ample space for expansion and plans to transition product manufacturing from the Arizona plant to other such facilities. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna Chandra Eluri)
The 2024 PUBG Mobile Global Championship (PMGC) has reached a pivotal moment as the Survival and Last Chance stages concluded, determining the six elite teams that will compete in the Grand Finals. The finals are set to take place at London’s renowned ExCeL Centre from December 6th to 8th, where the top contenders will vie for the championship title and a share of the $3 million prize pool. The tournament kicked off with 48 of the world’s premier teams, each striving for a spot in the ultimate showdown. Following intense competition, only 15 teams will join the host region invite, Guild Esports, in the Grand Finals. The qualifying teams advancing to this final stage include Falcons Force, Insilio, Voin Donkey ID, The Vicious LATAM, Dplus, and Regnum Carya Bra Esports. During the Survival Stage, notable performances emerged as Group Yellow, led by Major Pride, and Group Green, under the leadership of Dplus, achieved the highest elimination scores of 123 and 126 respectively. Subsequent matchups featured top teams such as IW NRX, Falcons Force, AS i8, and FaZe Clan, culminating in D’Xavier securing the top spot on the Survival Stage leaderboard, closely followed by Dplus and Insilio. The Last Chance Stage intensified the competition, featuring 18 matches over three days in a Round-Robin format. Teams battled fiercely to secure the remaining slots in the Grand Finals. On the first day, Voin Donkey ID led with the highest elimination score of 37, earning daily MVP honors for Indonesian pro player V3XXY. Falcons Force dominated Day 2 with an impressive 98 eliminations, significantly outpacing Insilio, while Team Liquid faced setbacks, failing to place in the top 10 on the second day. Regnum Carya Bra Esports made a strong push, climbing from 9th to secure the final qualifying spot. Ultimately, the Grand Finals lineup comprises nine Group Stage qualifiers, six Last Chance Stage survivors, and Guild Esports as the host region invite. The 16 teams set to compete include: Team Spirit DRX Alpha7 Brute Force Natus Vincere (NAVI) Influence Rage Thundertalk Gaming Tong Jia Bao Esports Nigma Galaxy MEA Falcons Force Insilio Voin Donkey ID The Vicious LATAM Dplus Regnum Carya Bra Esports Guild Esports Fans can anticipate three days of high-stakes competition, featuring strategic gameplay, intense rivalries, and memorable moments as the world’s best PUBG Mobile teams battle for supremacy at the ExCeL Centre.None
Penn State kicks off Sunshine Slam by cruising past FordhamIt doesn’t matter how many terrible wars we’re mired in overseas. It doesn’t matter how many seemingly unsolvable social and political problems we face at home. At this time of year, we Americans have the usual Walmart store of blessings to be thankful for. An extra reason for the entire country to give thanks next week is the fact that the long-dreaded 2024 election is finally in our rearview mirror – and for half of us the outcome was a blessing. Thanksgiving is usually a national holiday that doesn’t get stuck in the swamp of partisan politics. But this year, the shocking victory of Donald Trump was too much to take for ordinary Democrats and many of our most fragile liberal TV talking heads and pundits. Three weeks after Election Day, most of the liberal media are still in meltdown mode. They are encouraging lame-duck Biden Democrats, the Justice Department, the Coast Guard – anyone who works for the federal government – to do whatever it takes to sabotage Trump’s incoming administration, even before he takes office. Whether it’s risking a nuclear war with Russia by giving gifts of fancy rockets to Ukraine or digging up every speck of old dirt on Trump’s cabinet picks, Democrats and the liberal media are so busy trying to thwart Trump they have little time to give thanks for anything or anyone. Some nasty newspaper columnists and teary-eyed panelists on CNN are so despondent about Trump’s victory they are willing to spoil the love and fun at half of America’s Thanksgiving dinners. They are urging their fellow Democrats not to invite – or to dis-invite – friends and family members to Thanksgiving dinner who voted for Trump or didn’t vote for Kamala Harris. Some MAGA hardheads who are just as dumb are saying they aren’t going to sit down with RINOs who hate Trump and think Mitt Romney is a real Republican. But making our family Thanksgiving tables smaller and smaller because of politics is all wrong. It does nothing but ruin America’s best holiday and further divide the country into partisan bubbles and silos. My father Ronald Reagan never let politics come between friends and family, especially during Thanksgiving during the 1960s, 1970s and 1980s. He had two children with Nancy Reagan, Patti and Ron. In 1980, Patti was a Peace and Freedom Party member and didn’t vote for her dad to be president. Ron didn’t vote for our father, as far as we know. Both didn’t vote to reelect their father in 1984, either. In fact, Patti and her friend led a peace march in Washington, DC, while her father was president of the United States. Patti also has written highly critical books about her relationships with her father and her mother, mostly her mother. And Ron is a lifelong atheist who makes radio ads saying he’s “not afraid of burning in Hell.” Once, while we were having dinner together as a family, my father, a sincere Christian, reached over, grabbed my hand and said, “My only prayer is that before Ron dies, he too will know Jesus like we do.” So, each Thanksgiving at the ranch, you had two children who were absolutely opposed to their father’s politics, eating with him and the rest of the Reagan family. And if you want to know if those bipartisan family turkey dinners were noisy with angry political arguments, the answer is “No.” Nobody was throwing mashed potatoes or drumsticks at each other, either. The point I’m making is that these political people I hear dropping my dad’s name on TV all the time could learn a lot from the way he always put politics in its proper place. So this Thanksgiving, don’t ask, “What would Ronald Reagan do?” – do what he did. Invite your whole family and your old friends. Sit down and have a nice turkey dinner with all the fixings. Argue all you want about sports or music. Just don’t ask anyone to pass the politics. – Copyright 2024 Michael Reagan, distributed exclusively by Cagle Cartoons newspaper syndicate. Michael Reagan, the son of President Ronald Reagan, is an author, speaker and president of the Reagan Legacy Foundation. Send comments to reagan@caglecartoons.com and follow @reaganworld on Twitter. –
BRUSSELS , Dec. 24, 2024 /PRNewswire/ -- In an upcoming EU Reporter interview , M. Shigeo Katsu , Founding President of Nazarbayev University (NU) and a key architect of Kazakhstan's education reforms, will address the escalating scandal surrounding financial mismanagement at the country's flagship higher education institution. The crisis gained public attention following the announcement of the state audit results of Nazarbayev University. The revelations have sparked widespread concerns about transparency and oversight at one of Central Asia's most prestigious universities. Adding to the controversy are allegations of financial mismanagement involving the New Generation Foundation, the Jusan Group — entities originally established to ensure the long-term financial sustainability of NU and Nazarbayev Intellectual Schools (NIS). Questions have also been raised about the state of affairs at NU's Social Development Fund. Reports suggest that funds may have been misappropriated, triggering outrage from students, educators, and civil society. In response, a student initiative group from Nazarbayev University issued an open letter demanding the release of both the state audit and NU's internal audit of the Social Development Fund. The letter also calls for greater accountability, enhanced transparency, and the protection of students' rights. This appeal reflects mounting frustration with the university's leadership and a growing demand for immediate corrective action. Shigeo Katsu's interview will shed light on these unfolding developments. As a former leader of NU, Katsu is uniquely positioned to analyze the root causes of the crisis, critique the university's response, and discuss the broader implications for Kazakhstan's education sector. The full interview can be found here: https://www.eureporter.co/kazakhstan-2/2024/12/23/the-battle-for-nazarbayev-universitys-future-shigeo-katsu-on-financial-mismanagement-and-accountability/ The Battle for Nazarbayev University's Future: Shigeo Katsu on Financial Mismanagement and Accountability In light of recent controversies surrounding the financial governance of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS), an open letter from concerned students has surfaced, addressing the troubling mismanagement of funds and alleged conflicts of interest. The letter highlights a series of financial decisions that led to the unraveling of key institutions meant to ensure the long-term stability of NU and NIS. The students are particularly concerned about the fate of the Jusan Group and the Nazarbayev Fund (NGF), which were once positioned to secure the financial future of these two leading educational institutions. Instead, they allege that significant funds were misappropriated and whole organizations lost, leading to the collapse of what was once a promising financial structure. In response, Shigeo Katsu , the Founding President of Nazarbayev University, has also written an open letter , received by EU Reporter, addressing the ongoing crisis and providing his perspective on the unfolding situation. In his letter, Katsu outlines the rationale of engagement in the financial sector and the erosion of the initial vision for NU, highlighting the role of key financial institutions like Jusan Bank and the NGF in securing a stable future for the university and NIS. He draws attention to the series of decisions that led to the loss of the former and calls for urgent remedial actions to prevent further damage to the institutions' credibility and financial stability . In this exclusive interview with EU Reporter , Shigeo Katsu , the Founding President of Nazarbayev University, sheds light on these pressing issues. He discusses the audit findings, the role of Jusan Bank , and what must be done to restore trust and secure the future of NU and NIS. Bio: Mr. Shigeo Katsu is the Founding President of Nazarbayev University. He held the position of President from December 2010 until June 2023 . He was Chair of the Board of Trustees of an affiliated secondary school system, the Nazarbayev Intellectual Schools, and of the University's hospital system. Prior to the assignments in Kazakhstan , over the course of a 30-year career at the World Bank, Mr. Shigeo Katsu held various positions including leading financial sector reform support for China , Director for Cote d'Ivoire , and Vice President for Europe and Central Asia . After his retirement from the World Bank, he served for a few years on the US board of a youth-oriented international development NGO. Between 2011 and 2015 he was an Advisory Panel member of the ASEAN+3 Macroeconomic Research Office (AMRO). Questions: - We have exclusively published your open letter and anticipate that it will generate a significant response. What drove you to write it, particularly in light of the misuse of funds intended to ensure the long-term financial stability of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS)? The decision to write the open letter was not made lightly. It was driven by a profound sense of responsibility to the students, faculty, and broader community of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS). These institutions were established with a vision to create world-class educational hubs in Kazakhstan and establish a center of excellence for academic research. Ensuring their financial independence and long-term stability is a core requirement to achieve the two institutions' mission. However, recent developments revealed through state and internal audits have exposed serious breaches of trust. The misuse of funds from entities like the University's Social Development Fund, New Generation Foundation, and Jusan Group directly threatens the sustainability of NU and NIS. These funds were meant to build up and guarantee the financial security of the institutions. Instead, we now see signs of embezzlement, mismanagement, and a concerning lack of accountability. The role played by key figures like the directors and executives of NGF, of Aslan Sarinzhipov (Executive Vice President of NU, a former Minister of Education) and Kadisha Dairova (Vice President for Student Affairs and International Cooperation, Nazarbayev University) only adds to the gravity of the situation. By writing the letter, my goal was to bring transparency to the issue and to mobilize public attention and international scrutiny. NU and NIS were founded on principles of meritocracy, transparency, and academic freedom. If we allow these values to be compromised, we risk undoing more than a decade of progress. The letter serves as a call for accountability, reform, and most importantly, protection of the future of Kazakhstan's youth. - Many students and alumni of NU have expressed their concern over the lowering of admission standards and the shift away from international standards. How do you assess these changes, and do you see them as diverging from the original vision for NU? NU was conceived as a model of excellence , designed to meet international standards in research, teaching, and governance. One of its founding principles was merit-based admission , which ensured that students were selected solely based on their ability and potential. This meritocratic foundation was not only an academic principle but a reflection of NU's mission to transform Kazakhstan's education system. Students, alumni, faculty and staff have worked hard to build NU's name. Now students, alumni and parents are rightly concerned that the lowering of admission standards undermines this mission and risks eroding the university's reputation both domestically and internationally. Such changes create the perception that NU is moving away from its original vision of being a world-class institution. To restore confidence, NU must reaffirm its commitment to international standards, transparency, and academic rigor. Reverting to merit-based admissions and prioritizing excellence will send a clear message that the institution remains steadfast in its mission. In the Open Letter, I stated that in theory, a policy of opening the entry door wider, but then be resolutely strict in terms of progression and graduation based on academic integrity and merit could work. There are some cases globally. However, it can only work if there is a full commitment to integrity and merit, openness and transparency, and NU's original values are upheld. But unfortunately, what I have observed and heard about recent developments at NU does not make me optimistic. While administration is supposedly in a belt-tightening mode, new senior positions were created and filled with scant regard for a proper hiring process and qualification. Conflict of interest and restrictions on hiring family members have been discarded. These are just a few of the institutional changes that will inevitably bleed over into the academic fabric as well. Is this the example that senior management wants to present to our students? - Do you believe the current situation, where the financial foundations like the Social Development Fund and New Generation Foundation were mismanaged, reflects a broader crisis within Kazakhstan's governance and democracy? Absolutely, but to be fair, this corporate governance crisis is not just limited to Kazakhstan . The findings of the internal audit conducted by NU on the Social Development Fund (SDF) reveal a systemic absence of check and balances and accountability that extends beyond these institutions. Mismanagement and theft, such as those involving Aslan Sarinzhipov , have not only undermined NU and NIS but also shaken public trust in Kazakhstan's leadership. The financial institutions linked to NU and NIS—Nazarbayev Fund, New Generation Foundation, and Jusan Group — were designed to guarantee long-term financial stability for education in Kazakhstan , securing the futures of NU and NIS for decades. However, NGF and Jusan Group's systematic depletion and dismantling highlight the country's struggle with accountability and the need for deep structural reform. This mismanagement reflects broader governance failings—particularly a lack of oversight, transparency, and mechanisms to prevent conflicts of interest. I cannot pronounce myself on the current status of the NF, but I would not be surprised if one discovers similar shortcomings there as well. I had called for an audit for some time until my departure but was not successful. The impact extends beyond education, affecting the economic and social fabric of Kazakhstan . Addressing these issues requires not just reforms within these organizations but also a renewed commitment to governance, accountability, and emphasis on establishing the rule of law. - With the financial stability once promised by entities like the NGF now in jeopardy, how do you envision NU's future without those foundational guarantees? The original intent of the Nazarbayev Fund, New Generation Foundation, and Jusan Group was to provide NU and NIS with long-term financial stability. These entities were carefully designed to ensure that Kazakhstan's leading educational institutions could eventually operate in a manner less affected by state budget fluctuations. However, as the audits reveal, these institutions have been systematically mismanaged and looted, jeopardizing the financial future of NU and NIS. NU's survival and success now depend on a bold and transparent strategy. The first step is to rebuild trust with the public, students, and alumni by publishing the findings of both the state audit of NU and the internal audit of SDF. Then, those responsible are held accountable. Financially, NU must re-establish a diversified funding model. This includes rebuilding its endowments and enhancing additional revenue streams, such as a logical and sound tuition policy, executive education and collaboration with industry and business in the form of contract research. Transparency and governance reform will be key to attract donors and investors who believe in NU's mission and potential. - The Supreme Audit Chamber of Kazakhstan , in its state audit, reported the mismanagement of 73.5 billion tenge at Nazarbayev University , as well as allegations of half a billion tenge being used illegally. What is your opinion on this, and how should the university address governance and corruption issues? I have not had the opportunity to access the state audit report, thus it is difficult to comment. If the cited amount in mismanagement of 73.5 billion tenge over six years is true, it is scandalous. However, we do not know what the auditors' definition and criteria of mismanagement is. So, let's first find out what the report actually says. What is clear, however, is the outcome of a 2023 internal audit of NU's Social Development Fund (SDF) , and it is sobering. This SDF audit reveals a blatant disregard of corporate governance principles, where individuals entrusted with university resources prioritized personal gain over the mission of NU. The audit revealed that SDF management led by current NU Executive Vice President Aslan Sarinzhipov constructed an intricate web of subsidiary entities, including abroad, to systematically evade the oversight and control of the University. Funds ( over 14 billion tenge ) meant to assist students and faculty were used for personal gains of Aslan Sarinzhipov and questionable deals. Unfortunately, NU senior officials such as Vice President Kadisha Dairova participated in such schemes. When I voiced my concern earlier over the developments at NU, it is largely because of the track record of senior officials there. For NU to move forward, it must adopt zero-tolerance policies for corruption, demand accountability from those responsible, and reform its governance structures to ensure transparency. - Why do some claim there is a lack of funds for NU and NIS, despite the promises of financial stability from their endowment funds? The claim of a lack of funds is a direct consequence of the systematic looting of resources from the New Generation Foundation and Jusan Group. These entities were explicitly designed to contribute to NU and NIS' long-term financial sustainability against the backdrop of reduced state funding. However, as I described in my Open Letter, these innovative financial structures have been undermined by mismanagement, and outright theft. For instance: Rebuilding financial stability will require recovering stolen assets, reforming governance structures, and restoring public trust through full transparency and accountability. - Given the scale of financial mismanagement, what steps are necessary to ensure accountability for those involved, including senior officials? Accountability must begin with transparency. First, all findings from the audits should be made public, and independent investigations should be conducted to identify those responsible. No individual, regardless of rank or influence, should be above scrutiny. Second, legal consequences must follow where wrongdoing is found. Kazakhstan's legal system must demonstrate its independence and commitment to justice by prosecuting those who exploited these funds. Finally, governance reforms are essential. NU and its associated entities must implement stricter checks and balances, including external audits, whistleblower protections, and oversight committees with independent members. These steps are not just about rectifying past mistakes—they're about ensuring a future where such mismanagement cannot happen again. - The audit findings were just the beginning of uncovering deeper issues. Is there more information you can share about how these financial foundations were exploited and what this means for the future of NU and NIS? The patterns that have emerged—opaque transactions, conflicts of interest, and questionable settlements—are deeply troubling. For instance, the transfer of assets to private hands under unclear terms raises red flags about the intentions behind such decisions. This exploitation puts the futures of NU and NIS at risk. These institutions were designed to be financially independent, insulated from political and economic volatility. The weakening of their financial foundations erodes their ability to deliver on their missions and betrays the trust of the Kazakhstani people, who have invested in these institutions through their taxes. The way forward requires not just recovering lost assets but rebuilding the governance systems that allowed this exploitation to occur. - Nazarbayev University was founded with a mission to serve as a model for higher education in Kazakhstan , supported by funds like those from the Nazarbayev Fund and New Generation Foundation. What was your original vision for the university, and how did these funds play a critical role in realizing that vision? The vision for NU was bold: to create an institution that could compete with the best universities in the world while serving as a model for higher education reform in Kazakhstan . From day one, we envisioned NU as a hub for innovation, research, and leadership development—a place where the brightest minds could come together to solve the challenges of tomorrow. However, one should not forget that universities, in particular research universities, are a long-term endeavor. They are meant to educate and develop generations upon generations of leaders and professionals in a broad range of sectors, and thus contribute to the scientific, economic, and societal wealth of countries. Building a strong institution that can meet the test of time requires long-term and unwavering commitments to foundational values such as integrity, meritocracy, excellence, openness and transparency. But of course, strong financial support from government and other stakeholders is needed, especially in the first decades. Thus, it was understood that NU would be dependent on state funding (through education grants and capital investments) for the initial decades of its existence, while in the meantime it would develop other sources of financing such as through endowment funds, tuition, and contract research. The Nazarbayev Fund, NGF and the Jusan Group were integral parts of this vision. This overall construct allowed us to recruit world-class faculty, develop state-of-the-art facilities, and provide scholarships to talented students, many from underprivileged backgrounds. These resources weren't just financial—they were a vote of confidence in NU's mission and a recognition of the transformative power of education. The loss of these resources is a significant setback, but I do hope that NU can recover. The university must focus on rebuilding trust with its stakeholders—students, faculty, alumni, and the public. This starts with transparency in financial management and governance. Diversifying funding sources will be crucial. This includes rebuilding its endowments, engaging with the philanthropic community, and developing innovative revenue streams. But most importantly, NU must stay true to its mission and values. Financial stability is important, but it must never come at the cost of compromising the university's integrity or academic excellence. Restoring NU's credibility begins with transparency. For instance, the university must share the audit report with stakeholders, and openly address any major shortcomings highlighted in the audit, including financial mismanagement and governance failures. An independent investigation, followed by public disclosure of findings, will demonstrate a commitment to accountability. Next, an affirmation of NU's commitment to its foundational values and principles is needed. Next, institutional reforms are essential. This includes introducing stronger oversight mechanisms for financial and administrative processes, ensuring that governance boards are staffed with individuals of the highest integrity and independence, and that management, faculty and staff are recruited on the basis of transparency and merit. Fourth, NU must recommit itself to its founding mission of academic excellence. This means maintaining rigorous admission standards, prioritizing high-quality faculty recruitment, and fostering research that addresses national and global challenges. And finally, engaging the NU community—students, faculty, alumni, and parents—in shaping the university's path forward is critical. A transparent, inclusive process will rebuild trust and reaffirm NU's position as a leader in higher education. Educational reform is not just critical—it is foundational to Kazakhstan's economic recovery and long-term stability. The pandemic exposed vulnerabilities in education systems worldwide, but it also underscored the importance of adaptability, innovation, and resilience. For Kazakhstan , investing in education means investing in the future. A well-educated population is essential for diversifying the economy, attracting foreign investment, and fostering innovation. Institutions like NU and NIS must lead the way by setting benchmarks for quality and demonstrating the value of education in driving economic progress. Moreover, reform must focus on equity. Expanding access to high-quality education for students from socially vulnerable backgrounds will ensure that economic recovery benefits all segments of society, not just the privileged few. - How do you see the role of institutions like NU and NIS in not only providing quality education but also contributing to economic growth in Kazakhstan , especially when financial stability is threatened? NU and NIS are more than educational institutions—they are catalysts for economic growth and social development. By equipping students with critical thinking skills, technical expertise, and a global perspective, they prepare the workforce needed to diversify Kazakhstan's economy. Their impact extends beyond classrooms. NU's research contributes to solving national challenges in areas like energy, healthcare, and technology. Meanwhile, NIS fosters innovation and leadership at the secondary education level, creating a pipeline of talent that benefits universities and industries alike. To sustain this role, NU and NIS must secure their financial stability. This includes strengthening governance, diversifying funding sources, and forging partnerships with the private sector and international organizations. These institutions are vital to Kazakhstan's future, and their success is intertwined with the country's broader economic ambitions. - Could the model used by NU and supported by the Nazarbayev Fund be applied in other countries, or does it require a uniquely Kazakh approach to work effectively? The NU model is innovative, but its core principles—integrity, meritocracy, autonomy, and a focus on global best practices—are universally applicable. Many countries could benefit from establishing institutions that prioritize excellence and align with international standards. That said, successful implementation depends on adapting the model to local contexts. Kazakhstan's approach benefited from strong initial financial and political backing, and a vision that emphasized independence from political and state bureaucratic interference. Replicating this requires careful consideration of governance structures, funding mechanisms, autonomy and other values, and cultural factors. In countries where philanthropic traditions or financial resources are limited, the model may need to rely more on public-private partnerships or international collaborations. Ultimately, the NU experience demonstrates that ambitious goals in education are achievable with the right vision, leadership, and long-term commitment support. - What lessons do you hope others will learn from the experience of the NGF, Jusan Bank , and the financial turmoil at NU? The story of NU and its financial affiliates offers a critical lesson: no institution, no matter how noble its mission, is immune to mismanagement and corruption without strong governance. NU and NIS' financial pillars, namely the Nazarbayev Fund, NGF, Jusan Group, but also the SDF and NIS' Corporate Development Fund were designed to guarantee long-term financial sustainability, yet their exploitation demonstrates how quickly trust can be eroded when transparency and accountability are neglected. For any endowment fund or financial institution, the following lessons are clear: NU's experience is a cautionary tale but also an opportunity. By addressing these failures head-on, NU can emerge as a model for how institutions can learn from adversity and rebuild stronger than before. View original content to download multimedia: https://www.prnewswire.com/news-releases/nazarbayev-university-crisis-shigeo-katsu-demands-audit-transparency-302338886.html SOURCE EU ReporterBRUSSELS , Dec. 24, 2024 /PRNewswire/ -- In an upcoming EU Reporter interview , M. Shigeo Katsu , Founding President of Nazarbayev University (NU) and a key architect of Kazakhstan's education reforms, will address the escalating scandal surrounding financial mismanagement at the country's flagship higher education institution. The crisis gained public attention following the announcement of the state audit results of Nazarbayev University. The revelations have sparked widespread concerns about transparency and oversight at one of Central Asia's most prestigious universities. Adding to the controversy are allegations of financial mismanagement involving the New Generation Foundation, the Jusan Group — entities originally established to ensure the long-term financial sustainability of NU and Nazarbayev Intellectual Schools (NIS). Questions have also been raised about the state of affairs at NU's Social Development Fund. Reports suggest that funds may have been misappropriated, triggering outrage from students, educators, and civil society. In response, a student initiative group from Nazarbayev University issued an open letter demanding the release of both the state audit and NU's internal audit of the Social Development Fund. The letter also calls for greater accountability, enhanced transparency, and the protection of students' rights. This appeal reflects mounting frustration with the university's leadership and a growing demand for immediate corrective action. Shigeo Katsu's interview will shed light on these unfolding developments. As a former leader of NU, Katsu is uniquely positioned to analyze the root causes of the crisis, critique the university's response, and discuss the broader implications for Kazakhstan's education sector. The full interview can be found here: https://www.eureporter.co/kazakhstan-2/2024/12/23/the-battle-for-nazarbayev-universitys-future-shigeo-katsu-on-financial-mismanagement-and-accountability/ The Battle for Nazarbayev University's Future: Shigeo Katsu on Financial Mismanagement and Accountability In light of recent controversies surrounding the financial governance of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS), an open letter from concerned students has surfaced, addressing the troubling mismanagement of funds and alleged conflicts of interest. The letter highlights a series of financial decisions that led to the unraveling of key institutions meant to ensure the long-term stability of NU and NIS. The students are particularly concerned about the fate of the Jusan Group and the Nazarbayev Fund (NGF), which were once positioned to secure the financial future of these two leading educational institutions. Instead, they allege that significant funds were misappropriated and whole organizations lost, leading to the collapse of what was once a promising financial structure. In response, Shigeo Katsu , the Founding President of Nazarbayev University, has also written an open letter , received by EU Reporter, addressing the ongoing crisis and providing his perspective on the unfolding situation. In his letter, Katsu outlines the rationale of engagement in the financial sector and the erosion of the initial vision for NU, highlighting the role of key financial institutions like Jusan Bank and the NGF in securing a stable future for the university and NIS. He draws attention to the series of decisions that led to the loss of the former and calls for urgent remedial actions to prevent further damage to the institutions' credibility and financial stability . In this exclusive interview with EU Reporter , Shigeo Katsu , the Founding President of Nazarbayev University, sheds light on these pressing issues. He discusses the audit findings, the role of Jusan Bank , and what must be done to restore trust and secure the future of NU and NIS. Bio: Mr. Shigeo Katsu is the Founding President of Nazarbayev University. He held the position of President from December 2010 until June 2023 . He was Chair of the Board of Trustees of an affiliated secondary school system, the Nazarbayev Intellectual Schools, and of the University's hospital system. Prior to the assignments in Kazakhstan , over the course of a 30-year career at the World Bank, Mr. Shigeo Katsu held various positions including leading financial sector reform support for China , Director for Cote d'Ivoire , and Vice President for Europe and Central Asia . After his retirement from the World Bank, he served for a few years on the US board of a youth-oriented international development NGO. Between 2011 and 2015 he was an Advisory Panel member of the ASEAN+3 Macroeconomic Research Office (AMRO). Questions: - We have exclusively published your open letter and anticipate that it will generate a significant response. What drove you to write it, particularly in light of the misuse of funds intended to ensure the long-term financial stability of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS)? The decision to write the open letter was not made lightly. It was driven by a profound sense of responsibility to the students, faculty, and broader community of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS). These institutions were established with a vision to create world-class educational hubs in Kazakhstan and establish a center of excellence for academic research. Ensuring their financial independence and long-term stability is a core requirement to achieve the two institutions' mission. However, recent developments revealed through state and internal audits have exposed serious breaches of trust. The misuse of funds from entities like the University's Social Development Fund, New Generation Foundation, and Jusan Group directly threatens the sustainability of NU and NIS. These funds were meant to build up and guarantee the financial security of the institutions. Instead, we now see signs of embezzlement, mismanagement, and a concerning lack of accountability. The role played by key figures like the directors and executives of NGF, of Aslan Sarinzhipov (Executive Vice President of NU, a former Minister of Education) and Kadisha Dairova (Vice President for Student Affairs and International Cooperation, Nazarbayev University) only adds to the gravity of the situation. By writing the letter, my goal was to bring transparency to the issue and to mobilize public attention and international scrutiny. NU and NIS were founded on principles of meritocracy, transparency, and academic freedom. If we allow these values to be compromised, we risk undoing more than a decade of progress. The letter serves as a call for accountability, reform, and most importantly, protection of the future of Kazakhstan's youth. - Many students and alumni of NU have expressed their concern over the lowering of admission standards and the shift away from international standards. How do you assess these changes, and do you see them as diverging from the original vision for NU? NU was conceived as a model of excellence , designed to meet international standards in research, teaching, and governance. One of its founding principles was merit-based admission , which ensured that students were selected solely based on their ability and potential. This meritocratic foundation was not only an academic principle but a reflection of NU's mission to transform Kazakhstan's education system. Students, alumni, faculty and staff have worked hard to build NU's name. Now students, alumni and parents are rightly concerned that the lowering of admission standards undermines this mission and risks eroding the university's reputation both domestically and internationally. Such changes create the perception that NU is moving away from its original vision of being a world-class institution. To restore confidence, NU must reaffirm its commitment to international standards, transparency, and academic rigor. Reverting to merit-based admissions and prioritizing excellence will send a clear message that the institution remains steadfast in its mission. In the Open Letter, I stated that in theory, a policy of opening the entry door wider, but then be resolutely strict in terms of progression and graduation based on academic integrity and merit could work. There are some cases globally. However, it can only work if there is a full commitment to integrity and merit, openness and transparency, and NU's original values are upheld. But unfortunately, what I have observed and heard about recent developments at NU does not make me optimistic. While administration is supposedly in a belt-tightening mode, new senior positions were created and filled with scant regard for a proper hiring process and qualification. Conflict of interest and restrictions on hiring family members have been discarded. These are just a few of the institutional changes that will inevitably bleed over into the academic fabric as well. Is this the example that senior management wants to present to our students? - Do you believe the current situation, where the financial foundations like the Social Development Fund and New Generation Foundation were mismanaged, reflects a broader crisis within Kazakhstan's governance and democracy? Absolutely, but to be fair, this corporate governance crisis is not just limited to Kazakhstan . The findings of the internal audit conducted by NU on the Social Development Fund (SDF) reveal a systemic absence of check and balances and accountability that extends beyond these institutions. Mismanagement and theft, such as those involving Aslan Sarinzhipov , have not only undermined NU and NIS but also shaken public trust in Kazakhstan's leadership. The financial institutions linked to NU and NIS—Nazarbayev Fund, New Generation Foundation, and Jusan Group — were designed to guarantee long-term financial stability for education in Kazakhstan , securing the futures of NU and NIS for decades. However, NGF and Jusan Group's systematic depletion and dismantling highlight the country's struggle with accountability and the need for deep structural reform. This mismanagement reflects broader governance failings—particularly a lack of oversight, transparency, and mechanisms to prevent conflicts of interest. I cannot pronounce myself on the current status of the NF, but I would not be surprised if one discovers similar shortcomings there as well. I had called for an audit for some time until my departure but was not successful. The impact extends beyond education, affecting the economic and social fabric of Kazakhstan . Addressing these issues requires not just reforms within these organizations but also a renewed commitment to governance, accountability, and emphasis on establishing the rule of law. - With the financial stability once promised by entities like the NGF now in jeopardy, how do you envision NU's future without those foundational guarantees? The original intent of the Nazarbayev Fund, New Generation Foundation, and Jusan Group was to provide NU and NIS with long-term financial stability. These entities were carefully designed to ensure that Kazakhstan's leading educational institutions could eventually operate in a manner less affected by state budget fluctuations. However, as the audits reveal, these institutions have been systematically mismanaged and looted, jeopardizing the financial future of NU and NIS. NU's survival and success now depend on a bold and transparent strategy. The first step is to rebuild trust with the public, students, and alumni by publishing the findings of both the state audit of NU and the internal audit of SDF. Then, those responsible are held accountable. Financially, NU must re-establish a diversified funding model. This includes rebuilding its endowments and enhancing additional revenue streams, such as a logical and sound tuition policy, executive education and collaboration with industry and business in the form of contract research. Transparency and governance reform will be key to attract donors and investors who believe in NU's mission and potential. - The Supreme Audit Chamber of Kazakhstan , in its state audit, reported the mismanagement of 73.5 billion tenge at Nazarbayev University , as well as allegations of half a billion tenge being used illegally. What is your opinion on this, and how should the university address governance and corruption issues? I have not had the opportunity to access the state audit report, thus it is difficult to comment. If the cited amount in mismanagement of 73.5 billion tenge over six years is true, it is scandalous. However, we do not know what the auditors' definition and criteria of mismanagement is. So, let's first find out what the report actually says. What is clear, however, is the outcome of a 2023 internal audit of NU's Social Development Fund (SDF) , and it is sobering. This SDF audit reveals a blatant disregard of corporate governance principles, where individuals entrusted with university resources prioritized personal gain over the mission of NU. The audit revealed that SDF management led by current NU Executive Vice President Aslan Sarinzhipov constructed an intricate web of subsidiary entities, including abroad, to systematically evade the oversight and control of the University. Funds ( over 14 billion tenge ) meant to assist students and faculty were used for personal gains of Aslan Sarinzhipov and questionable deals. Unfortunately, NU senior officials such as Vice President Kadisha Dairova participated in such schemes. When I voiced my concern earlier over the developments at NU, it is largely because of the track record of senior officials there. For NU to move forward, it must adopt zero-tolerance policies for corruption, demand accountability from those responsible, and reform its governance structures to ensure transparency. - Why do some claim there is a lack of funds for NU and NIS, despite the promises of financial stability from their endowment funds? The claim of a lack of funds is a direct consequence of the systematic looting of resources from the New Generation Foundation and Jusan Group. These entities were explicitly designed to contribute to NU and NIS' long-term financial sustainability against the backdrop of reduced state funding. However, as I described in my Open Letter, these innovative financial structures have been undermined by mismanagement, and outright theft. For instance: Rebuilding financial stability will require recovering stolen assets, reforming governance structures, and restoring public trust through full transparency and accountability. - Given the scale of financial mismanagement, what steps are necessary to ensure accountability for those involved, including senior officials? Accountability must begin with transparency. First, all findings from the audits should be made public, and independent investigations should be conducted to identify those responsible. No individual, regardless of rank or influence, should be above scrutiny. Second, legal consequences must follow where wrongdoing is found. Kazakhstan's legal system must demonstrate its independence and commitment to justice by prosecuting those who exploited these funds. Finally, governance reforms are essential. NU and its associated entities must implement stricter checks and balances, including external audits, whistleblower protections, and oversight committees with independent members. These steps are not just about rectifying past mistakes—they're about ensuring a future where such mismanagement cannot happen again. - The audit findings were just the beginning of uncovering deeper issues. Is there more information you can share about how these financial foundations were exploited and what this means for the future of NU and NIS? The patterns that have emerged—opaque transactions, conflicts of interest, and questionable settlements—are deeply troubling. For instance, the transfer of assets to private hands under unclear terms raises red flags about the intentions behind such decisions. This exploitation puts the futures of NU and NIS at risk. These institutions were designed to be financially independent, insulated from political and economic volatility. The weakening of their financial foundations erodes their ability to deliver on their missions and betrays the trust of the Kazakhstani people, who have invested in these institutions through their taxes. The way forward requires not just recovering lost assets but rebuilding the governance systems that allowed this exploitation to occur. - Nazarbayev University was founded with a mission to serve as a model for higher education in Kazakhstan , supported by funds like those from the Nazarbayev Fund and New Generation Foundation. What was your original vision for the university, and how did these funds play a critical role in realizing that vision? The vision for NU was bold: to create an institution that could compete with the best universities in the world while serving as a model for higher education reform in Kazakhstan . From day one, we envisioned NU as a hub for innovation, research, and leadership development—a place where the brightest minds could come together to solve the challenges of tomorrow. However, one should not forget that universities, in particular research universities, are a long-term endeavor. They are meant to educate and develop generations upon generations of leaders and professionals in a broad range of sectors, and thus contribute to the scientific, economic, and societal wealth of countries. Building a strong institution that can meet the test of time requires long-term and unwavering commitments to foundational values such as integrity, meritocracy, excellence, openness and transparency. But of course, strong financial support from government and other stakeholders is needed, especially in the first decades. Thus, it was understood that NU would be dependent on state funding (through education grants and capital investments) for the initial decades of its existence, while in the meantime it would develop other sources of financing such as through endowment funds, tuition, and contract research. The Nazarbayev Fund, NGF and the Jusan Group were integral parts of this vision. This overall construct allowed us to recruit world-class faculty, develop state-of-the-art facilities, and provide scholarships to talented students, many from underprivileged backgrounds. These resources weren't just financial—they were a vote of confidence in NU's mission and a recognition of the transformative power of education. The loss of these resources is a significant setback, but I do hope that NU can recover. The university must focus on rebuilding trust with its stakeholders—students, faculty, alumni, and the public. This starts with transparency in financial management and governance. Diversifying funding sources will be crucial. This includes rebuilding its endowments, engaging with the philanthropic community, and developing innovative revenue streams. But most importantly, NU must stay true to its mission and values. Financial stability is important, but it must never come at the cost of compromising the university's integrity or academic excellence. Restoring NU's credibility begins with transparency. For instance, the university must share the audit report with stakeholders, and openly address any major shortcomings highlighted in the audit, including financial mismanagement and governance failures. An independent investigation, followed by public disclosure of findings, will demonstrate a commitment to accountability. Next, an affirmation of NU's commitment to its foundational values and principles is needed. Next, institutional reforms are essential. This includes introducing stronger oversight mechanisms for financial and administrative processes, ensuring that governance boards are staffed with individuals of the highest integrity and independence, and that management, faculty and staff are recruited on the basis of transparency and merit. Fourth, NU must recommit itself to its founding mission of academic excellence. This means maintaining rigorous admission standards, prioritizing high-quality faculty recruitment, and fostering research that addresses national and global challenges. And finally, engaging the NU community—students, faculty, alumni, and parents—in shaping the university's path forward is critical. A transparent, inclusive process will rebuild trust and reaffirm NU's position as a leader in higher education. Educational reform is not just critical—it is foundational to Kazakhstan's economic recovery and long-term stability. The pandemic exposed vulnerabilities in education systems worldwide, but it also underscored the importance of adaptability, innovation, and resilience. For Kazakhstan , investing in education means investing in the future. A well-educated population is essential for diversifying the economy, attracting foreign investment, and fostering innovation. Institutions like NU and NIS must lead the way by setting benchmarks for quality and demonstrating the value of education in driving economic progress. Moreover, reform must focus on equity. Expanding access to high-quality education for students from socially vulnerable backgrounds will ensure that economic recovery benefits all segments of society, not just the privileged few. - How do you see the role of institutions like NU and NIS in not only providing quality education but also contributing to economic growth in Kazakhstan , especially when financial stability is threatened? NU and NIS are more than educational institutions—they are catalysts for economic growth and social development. By equipping students with critical thinking skills, technical expertise, and a global perspective, they prepare the workforce needed to diversify Kazakhstan's economy. Their impact extends beyond classrooms. NU's research contributes to solving national challenges in areas like energy, healthcare, and technology. Meanwhile, NIS fosters innovation and leadership at the secondary education level, creating a pipeline of talent that benefits universities and industries alike. To sustain this role, NU and NIS must secure their financial stability. This includes strengthening governance, diversifying funding sources, and forging partnerships with the private sector and international organizations. These institutions are vital to Kazakhstan's future, and their success is intertwined with the country's broader economic ambitions. - Could the model used by NU and supported by the Nazarbayev Fund be applied in other countries, or does it require a uniquely Kazakh approach to work effectively? The NU model is innovative, but its core principles—integrity, meritocracy, autonomy, and a focus on global best practices—are universally applicable. Many countries could benefit from establishing institutions that prioritize excellence and align with international standards. That said, successful implementation depends on adapting the model to local contexts. Kazakhstan's approach benefited from strong initial financial and political backing, and a vision that emphasized independence from political and state bureaucratic interference. Replicating this requires careful consideration of governance structures, funding mechanisms, autonomy and other values, and cultural factors. In countries where philanthropic traditions or financial resources are limited, the model may need to rely more on public-private partnerships or international collaborations. Ultimately, the NU experience demonstrates that ambitious goals in education are achievable with the right vision, leadership, and long-term commitment support. - What lessons do you hope others will learn from the experience of the NGF, Jusan Bank , and the financial turmoil at NU? The story of NU and its financial affiliates offers a critical lesson: no institution, no matter how noble its mission, is immune to mismanagement and corruption without strong governance. NU and NIS' financial pillars, namely the Nazarbayev Fund, NGF, Jusan Group, but also the SDF and NIS' Corporate Development Fund were designed to guarantee long-term financial sustainability, yet their exploitation demonstrates how quickly trust can be eroded when transparency and accountability are neglected. For any endowment fund or financial institution, the following lessons are clear: NU's experience is a cautionary tale but also an opportunity. By addressing these failures head-on, NU can emerge as a model for how institutions can learn from adversity and rebuild stronger than before. View original content to download multimedia: https://www.prnewswire.com/news-releases/nazarbayev-university-crisis-shigeo-katsu-demands-audit-transparency-302338886.html SOURCE EU Reporter
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