Early 2006: Giustra secretly donates $31 million to the Clinton Foundation.

Frank Giustra. (Credit: Frank Franklin II / The Associated Press)

Frank Giustra. (Credit: Frank Franklin II / The Associated Press)

In September 2005, Canadian mining financier Frank Giustra and former US President Bill Clinton met with Kazakhstan’s president Nursultan Nazarbayev in Kazakhstan. A couple of days later, after Clinton made public comments praising Kazakhstan despite its poor human rights record and flawed elections, Giustra was able to buy shares in a company owned by the Kazakh government. By 2007, Giustra’s company owning those shares will increase in value by at least $2 billion.

Then, sometime in early 2006, Giustra secretly donates $31 million to the Clinton Foundation. When it shows up in tax records, the foundation will claim that it was an aggregate of small contributions. However, after pressure due to Hillary Clinton running for president in 2007, in December 2007 Giustra will admit that he was the donor. (The New York Times, 4/29/2015)

Despite this controversy and public correction, in December 2008, when the Clinton Foundation publishes its list of donors for the first time, it will list Giustra as having donated between $10 and $25 million, a range clearly less than $31 million. (The Clinton Foundation, 12/18/2008)