Word: usaid
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Harvard itself was cleared of the fraud allegations but still faced damages for breaching its contract with the U.S. Agency for International Development (USAID). In the agreement signed Wednesday, the University did not admit any liability but agreed to pay the full $26.5 million in the next three days...
Shleifer, then a project director for the now-defunct Harvard Institute for International Development (HIID), was accused by the government in 1997 of making private investments in Russia through family while administering the HIID Russia project under a pair of contracts from the U.S. Agency for International Development (USAID) totalling $57.8 million...
...project was suspended in 1997 after the government discovered Shleifer and Hay, along with their spouses, had made private investments in Russia while leading the privatization effort. Harvard’s contracts with the U.S. Agency for International Development (USAID) prohibited investments by employees in countries to which they were assigned...
...University itself was absolved of the fraud claims but could still face damages of up to $34.8 million for violating its contracts with USAID...
...trial to determine the damages owed by Shleifer and the University won’t begin before next spring. From Harvard, the government is seeking the amount paid out by USAID since Shleifer’s first private investment in Russia in July 1994—$34.8 million. Shleifer, because he was found liable under the False Claims Act, could face triple those damages, for a total of roughly $104 million...