VR Resources Arranges Flow Through Private Placement of $400k for Drilling at Silverback and Empire in 2025
GRAND FORKS — The Myra Foundation this year gave more than $700,000 to Grand Forks County organizations, bringing the foundation's all-time total of monetary awards to more than $13.5 million. All told, 2024's awards came to $715,510, given to 74 organizations. The foundation — which began distributing funds in 1957 — "continues to both give and grow," according to its president. ADVERTISEMENT “It was the first private charitable foundation of its kind in the state of North Dakota," John Botsford said in a release sent to the media. "No one at the time could have imagined its long-term impact. Our board feels very fortunate to play a part.” Botsford is among three trustees who administer the foundation. The others are Tracy Kennedy and Emily Montgomery. The Myra Foundation was created from the estate of John E. Myra to award grants within Grand Forks County. Grants are awarded to charities in Grand Forks County for charitable, character building and educational purposes. According to the release, "this year's recipients include local schools and scholarships, health care organizations, rural emergency services, social assistance organizations, arts groups, youth causes and many more." This year's recipients were: Altru Family YMCA; Altru Health Foundation; Art Matters; ArtWise; BIO Girls; Circle of Friends Animal Shelter/Humane Society of Grand Forks; City of Gilby, North Dakota; Great American Folk Show; Community Violence Intervention Center; Edna Ralston Library; Emerado Cemetery; Emerado Park District; Empire Arts Center; FIRST Robotics Team #8188 Grand Force; Girl Scouts - Dakota Horizons; Grand Cities Children's Choir; Grand Forks Children's Museum, Inc; Grand Forks Children's Museum, Inc Naming Rights; Grand Forks Chorales, Inc.; Grand Forks County 4-H Organization; Grand Forks County Historical Society; Grand Forks Foundation for Education, Inc. – The Big Red Reading Bus; Grand Forks Girls Fastpitch; Grand Forks Parks & Recreation Foundation; Grand Forks Public Library; Grand Forks Public Schools 2025 Jazz Festival; ADVERTISEMENT Grand Forks Senior Center; Greater Grand Forks Community Corrections Advisory Board; Greater Grand Forks Community Theatre; Greater Grand Forks Fair & Exhibition; Gro.UND Learning Gardens; Hospice of the Red River Valley; Journey Home Animal Rescue; Larimore Fire Protection District; Larimore Football; Larimore Park Board; LHS Trap Team; Listen Center Inc. Manvel Community Center Incorporated; Manvel Museum (Manvel Heritage Center); Manvel Park Board; MyAlly Health Patient Financial Assistance; MyAlly Health Prescription Medication Assistance; ND Ballet Company; NDSU Extension Grand Forks County Gardening Saturday; North Dakota Museum of Art; North Dakota Shakespeare Festival; North Dakota-Manitoba District of the Metropolitan Opera Laffont Competition; Northern Lights Council of Boy Scouts of America Inc.; Northern Valley Youth Orchestras; Northlands Rescue Mission Inc; Northwood Deaconess Health Center; Operation Homefront, Inc.; Prairie Harvest Mental Health; Public Art Commission; Red River Valley Athletics.org; Santa Claus Girls; Sox For Kids; Special Olympics North Dakota; St. Joseph's Social Care; The Arc Upper Valley; the Empty State Theatre; The Grand Forks Salvation Army; The Summer Performing Arts Company; The Village Family Service Center; Third Street Clinic; Thompson Wrestling Club; United Day Nursery Inc.; United Way of Grand Forks, East Grand Forks & Area; University of North Dakota Foundation; University Park Neighborhoods; Valley Senior Living Foundation; Women's Fund; Youth Works DIVERT.None
Landspace is expected to debut the enhanced version of its ZhuQue-2 rocket this week, and there are rumors that the Chang Zheng 12 rocket will take its maiden flight at the week’s end. Roscosmos is due to launch a highly classified mission from the Plesetsk Cosmodrome in Russia, while four Falcon 9 missions are expected this week from all three of SpaceX’s active pads in the United States. The first of these four Falcon 9 missions, Starlink Group 12-1, launched in the early hours of Monday morning and became the 400th orbital mission flown by Falcon 9 to date. Furthermore, Group 12-1’s launch also set a new record for the fastest booster turnaround time, with Falcon booster B1080 beating the previous record (21 days, set by B1062 two years ago) with a turnaround of 13 days and 12 hours. Falcon 9 Block 5 | Starlink Group 6-76 A Falcon 9 is expected to lift off from Launch Complex 39A (LC-39A) at the Kennedy Space Center in Florida on Monday, Nov. 25, at 10:35 PM EST (03:35 UTC on Nov 26). Onboard will be another batch of Starlink v2 Mini satellites for the sixth and largest shell of the internet satellite constellation. The booster supporting this mission has not yet been confirmed but is expected to land on the autonomous droneship A Shortfall of Gravitas, which will be stationed approximately 600 km southeast of the Cape in the Atlantic Ocean. As of the recent Starlink Group 12-1 mission, SpaceX has launched over 7,400 Starlink satellites into orbit, of which 668 have deorbited. ZhuQue-2E is rolled to the pad. (Credit: Landspace) ZhuQue-2E | Unknown Payload The upgraded ZhuQue-2E (ZQ-2E)variant of Landspace’s medium-sized ZhuQue-2 (ZQ-2) rocket is expected to fly on its maiden flight this week. Utilizing liquid methane and liquid oxygen as propellants, ZQ-2 became the first methane-burning rocket to reach orbit almost two years ago in December 2022, and despite an issue with the upper stage on its demo flight, two successful launches followed last year, placing four payloads into Sun-synchronous orbit. ZQ-2E is expected to launch on Wednesday, Nov. 27, at 02:00 UTC from Site 96 at the Jiuquan Satellite Launch Center in China, with a launch window lasting a little over an hour. The two payloads onboard have not yet been confirmed but could include two more test satellites for the Honghu constellation. Two 50 kg satellites were lofted by a ZQ-2 last December to test different Hall-effect and ion thrusters. Indications are that the payloads will be deployed approximately eight and a half minutes into the mission, targeting a 300 by 500 km low-Earth orbit inclined 50 degrees. The 47.3 m tall vehicle was rolled horizontally to the pad on Nov. 22 following successful static fire tests of its second stage a month prior. These also tested and verified the subsystems and propellant loading processes for the rocket. ZQ-2E uses the same 3.35 m diameter first stage with four Tianque 12 (TQ-12) engines as the ZQ-2 with an upgraded second stage that adopts a common bulkhead and a change of engines. This upgraded second stage now features one TQ-15A vacuum-optimized engine in place of the TQ-12 and four TQ-11 vernier thrusters of the ZQ-2. The TQ-15A engine will also be used on the forthcoming ZhuQue-3 rocket and is designed to be reignited in orbit, widening the scope of missions for the ZQ rocket family. Soyuz 2.1b prepares to launch Cosmos 2576 from Site 43/4 at Plesetsk in May 2024. (Credit: Russian Ministry of Defence) Soyuz 2.1b | Cosmos 2580 (Unknown Payload) A Soyuz 2.1b rocket is expected to launch the Cosmos 2580 mission, featuring another Lotos-S satellite, into orbit this week, though this has not yet been confirmed. Soyuz 2.1b is expected to launch from an unconfirmed pad at the Plesetsk Cosmodrome in Russia on Wednesday, Nov. 27, at 19:00 UTC during a two-hour launch window, carrying the payload to an orbit inclined by 67 degrees. Should a launch on teh 27th be scrubbed, alternative launch opportunities extend into early December. The Lotos reconnaissance satellites form part of a wider, classified, orbital electronic intelligence system known as Liana. This Electronic Signals Intelligence, or ELINT, system intercepts radar and electromagnetic radiation signals for the location and characterization of sites, ships, and aircraft of military interest. Four were procured by the Russian Ministry of Defense back in 2017, one of which has yet to be launched and could, therefore, be this payload. A further batch was subsequently ordered in August 2022 and is assumed to still be in production. Previous Lotos launches have been accompanied by a secondary payload, which has been deployed shortly after the primary satellite is released. Falcon 9 Block 5 | Starlink Group 6-65 This will be SpaceX’s 120th Falcon mission of the year and Falcon 9’s 118th mission. Liftoff is scheduled for Saturday, Nov. 30, at 12:00 AM EST (05:00 UTC) from Space Launch Complex 40 (SLC-40) at the Cape Canaveral Space Force Station in Florida, lofting another batch of Starlink v2 Mini satellites to low-Earth orbit. This will be the 67th mission to populate Starlink’s Group 6 shell, following the Group 6-76 mission earlier in the week. Currently, neither the booster nor the autonomous droneship supporting this mission has been announced. Falcon 9 Block 5 | NROL-126 This classified mission for the National Reconnaissance Office is likely to be a fifth batch of Starshield satellites built by SpaceX and Northrop Grumman. Liftoff is scheduled for 12:08 AM PST (08:08 UTC) on Saturday, Nov. 30, from Space Launch Complex 4E (SLC-4E) at the Vandenberg Space Force Base in California during a four-hour launch window. Following launch, Falcon 9 will fly on a southeasterly trajectory out of California. The booster supporting this mission has not yet been announced but is expected to perform Falcon’s 112th landing of 2024 on SpaceX’s autonomous droneship Of Course I Still Love You . The SXM-7 satellite, almost identical to the SXM-9 satellite replacing it, before it was integrated for launch. (Credit: Space Systems/Loral (SSL)/Maxar Technologies) Falcon 9 Block 5 | SXM-9 Falcon 9’s SXM-9 mission will launch the replacement for the SXM-7 high-power digital audio broadcasting satellite, which was launched four years ago in December 2020. SXM-7, itself a replacement for the XM 3 satellite, experienced unresolvable issues during its commissioning phase once in orbit. Operated by SiriusXM, SXM-9 is the first in a series of nearly identical third-generation satellites that will update the fleet. Subsequent launches are planned once per year up to SXM-12 in 2027. Built on Maxar’s 1300-class platform and massing around 7,000 kg, SXM-9 will support both Sirius and XM services’ broadcasting of sports, music, news, and entertainment content via satellite radio. The satellite includes a large mesh reflector, which measures almost 10 m in length when unfurled and has an expected 15-year lifespan. Launch is expected on Monday, Dec. 2, at 11:09 AM EST (16:09 UTC) from LC-39A in Florida, lofting the satellite into a geostationary transfer orbit. It is anticipated, but not yet confirmed, that the booster will attempt to land downrange on an autonomous droneship. (Lead image: Falcon 9 launches into the twilight skies of Florida. Credit: Julia Bergeron for NSF)New York Jets All-Pro defensive tackle Quinnen Williams is inactive for Sunday's home game against the Los Angeles Rams after missing practice all week because of a hamstring injury. His streak will end at 34 consecutive games started and played since his last deactivation for a Dec. 18, 2022, home game against the Detroit Lions, according to the team. He was downgraded from questionable for the game in East Rutherford, N.J. Williams, who turned 27 on Saturday, has started all 14 of New York's games this season and has 35 tackles (eight for loss), 17 quarterback hits and six sacks. The Jets selected Williams with the third overall pick of the 2019 NFL Draft out of Alabama. He has 288 career tackles (52 for loss), 97 QB hits, 39 sacks, one interception, five forced fumbles and three fumble recoveries in 88 games (84 starts). He was voted to the Pro Bowl in 2022 and 2023 and was first-team All-Pro in 2022. The Jets (4-10) inactive list also includes safety Jaylin Simpson, offensive linemen Jake Hanson and Xavier Newman, and cornerbacks Jarrick Bernard-Converse and Michael Carter II. The latter already had been ruled out because of a back injury. The Rams (8-6) announced their inactive players: quarterback Stetson Bennett, wide receiver Tyler Johnson, cornerback Emmanuel Forbes Jr., running back Cody Schrader, and offensive linemen Dylan McMahon and Warren McClendon Jr. --Field Level MediaTaoiseach Simon Harris has insisted he is not aware that any member of his team tried to get RTE to take down a viral social media clip of a much-criticised encounter with a disability care worker. The Fine Gael leader was asked about the controversy in the first question posed during the second and final TV leaders’ debate of Ireland’s General Election campaign. Mr Harris apologised over the weekend for his handling of the discussion with Charlotte Fallon while canvassing in Kanturk in Co Cork on Friday evening. READ MORE - McDonald clashes with Harris and Martin during final leaders' debate READ MORE - Simon Harris admits RTÉ was offered 'statement' to go with viral video of exchange with upset carer The Taoiseach was accused of dismissing concerns that Ms Fallon raised about Government support for the disability sector during the exchange filmed by RTE in a supermarket. Mr Harris rang Ms Fallon on Saturday and said he unreservedly apologised for the way he treated her, however focus has since shifted to Fine Gael’s interactions with the national broadcaster about the social media video. At the outset of Tuesday’s TV debate, co-host Miriam O’Callaghan directly asked the Fine Gael leader whether a member of his party contacted RTE to ask for the clip to be taken down. “I have no knowledge of that whatsoever, because this clip was entirely appropriate,” said Mr Harris. “It was a very important moment on the campaign. “And RTE and indeed many media outlets have been with me throughout the campaign, covering many interactions that I’ve had with many, many people right across this country.” The Taoiseach said the approach by his team member was part of the “normal contact that happens between party politics and broadcasters on a daily basis”. Mr Harris’s partner-in-government in the last coalition, Fianna Fail leader Micheal Martin, said he was not aware of the approach to RTE by Fine Gael. “I didn’t realise this had happened,” he said. “I think Simon has given his explanation to it. I’m not sure it’s as normal or as usual. I just get on with it every day. But, again, I think, you know, I’m not au fait with the details behind all of this, or the background to it. “The video didn’t come down, and it was seen by many, many people. “And I think it illustrates that out there, there are a lot of people suffering in our society. “Notwithstanding the progress we’ve made as a country, a lot of people are facing a lot of individual challenges, and our job as public representatives and as leaders in travelling the country is to listen to people, hear their cases, to understand the challenges that they are going through in their lives. “And when we go about in election campaigns, we have to open up ourselves to criticism and to people calling us to account.” Sinn Fein leader Mary Lou McDonald had earlier in the day described reports of the Fine Gael approach to RTE as “chilling”. However, at the start of the debate, she was asked about a media-focused issue related to her own party, namely the controversial manifesto proposal for an independent expert review of RTE’s objectivity in its coverage of the war in Gaza and other international conflicts. Mr Harris previously branded the proposal a “dog whistle to conspiracy theorists” while Mr Martin said it was a “dangerous departure”. Ms McDonald defended the idea during the RTE Prime Time debate on Tuesday. “Politics and politicians should not try to influence editorial decisions or try and have clips taken down because they are inconvenient to them,” she said. “There has to be distance, there has to be objectivity. But I would say I am struck by the very defensive reaction from some to this (the review proposal). “The BBC, for example, a peer review looked at their coverage on migration. Politicians didn’t put their hands on it, and rightly so. “I think in a world where we have to rely on quality information, especially from the national broadcaster, which is in receipt of very substantial public funding, that has to be the gold standard of reliability. I think peer reviews like that are healthy.” It comes as Sinn Féin leader Mary Lou McDonald said on Tuesday before the debate that "Micheál Martin is absolutely determined to put Fine Gael back in government”. “I can't fathom that,” she said. “I think, by any measure, if you're actually listening to people out on the ground in the course of this campaign, people are telling everybody that they are struggling, that they are suffering, in many instances, that they are left behind. “Some feel very betrayed by the government, particularly younger people.” Clare Daly, an independent candidate in Dublin Central, stated on Tuesday during a press conference in the Clonliffe House pub that the “idea of a left alliance and Sinn Féin being involved in that alternative government is something that should definitely be explored”. She said: “That’s very strongly the view we’re getting on the doorsteps, that people want a change. “Sometimes change is presented as something to be feared. ‘Oh if we take that step, will it be worse off?’ “But many people are already in that place now, where they say, “Well, we can't be worse off’.” Ms Daly also defended herself following criticism of her stance on the Russia-Ukraine war. She argued that her position on the war in “Ukraine and Palestine are identical” and she wants a “ceasefire and a negotiated settlement”. She also stated that Sinn Féin is now saying the same as its manifesto calls for a “coordinated and concerted effort” to “secure an end to the hostilities”. She added: “I’m never called a Netanyahu puppet. I’m called a Putin puppet. “I have voted for every single resolution to condemn Russia's invasion of Ukraine, to respect the territorial integrity of that country, and to argue for a negotiated settlement, which means the people of Ukraine and the people of Russia or their governments deciding.” Elsewhere, Green Party leader Roderic O’Gorman stated that a “government propped up by Independent TDs could be a “recipe for absolute chaos”. He warned of the consequences of having what he described as “right-wing independents” making up the government formation after Friday’s election. Elsewhere, Fine Gael’s Paschal Donohoe was forced to do a U-turn on appearing on a television debate. Sinn Féin’s Pearse Doherty accused Mr Donohoe of “chickening out” of the debate. Ms Donohoe’s spokeswoman initially did not refute suggestions he was not taking part in the debate. She later said: “There was a mix-up, on our side, in terms of the scheduling of the debate, which has now been rectified. Minister Donohoe glad to be able to debate the economy on [Tuesday night’s] show. Join the Irish Mirror’s breaking news service on WhatsApp. Click this link to receive breaking news and the latest headlines direct to your phone. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. If you’re curious, you can read our Privacy Notice .
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British Columbia’s top Mountie says rolling out body-worn cameras for officers in the province will address calls to “enhance public trust,” but a sociologist who studies technology’s effect on policing says evidence of it reducing use-of-force incidents is “inconsistent.” Deputy Commissioner Dwayne McDonald, commanding officer of the RCMP’s E Division in B.C., said Thursday that the initiative to have front-line officers in B.C. wear the cameras is the “largest and most ambitious rollout of body cameras across the province.” “The introduction of the cameras is now the national standard for the RCMP and addresses calls I’ve personally heard from local, regional, Indigenous and provincial leaders to address the overall need to enhance public trust (and) confidence in policing,” McDonald said. He said the introduction of the cameras and the evidence-management system to handle the digital data they collect “is expected to provide transparency to strengthen accountability and to enhance officer and public safety.” Insp. Ted Lewko, the officer in charge of the RCMP detachment in Mission, B.C., said Thursday that he’s grateful that Mounties in his community will be among the first to wear body cameras to record police interactions with the public. Lewko said 44 cameras will be used by his officers starting next week, and he’s “very hopeful” that they will improve officer safety, strengthen trust with the public and help resolve complaints more quickly. Police said during a news conference in Surrey that thousands of Mounties across B.C. will soon be fitted with the devices. About 300 cameras will be issued to officers in Mission first, then to other communities, including Tofino and Ucluelet on Vancouver Island, and Cranbrook, Kamloops and Prince George. The national deployment of body cameras is expected to be completed by the end of next year, and follows other law enforcement agencies in B.C. that have started employing body cameras, including in Vancouver and Delta. Chris Schneider, a sociology professor at Brandon University in Manitoba, studies how technology “contributes to changes in policing and police work.” Schneider said the evidence around whether body cameras reduce instances of use of force and police complaints is “inconsistent,” but research shows that “people feel safer with cameras.” “When you look at the actual evidence about reductions in crime and harm, they don’t coincide with people’s feelings,” he said. Schneider said police, government officials and the public have, in recent years, “shifted to discussions around accountability and transparency.” However, he said those two terms are usually measured in the social scientific or scientific research literature. “Meaning that there’s no way for us to actually know whether or not body worn cameras contribute to transparency and accountability,” he said. The $240 million supplied by the federal government for the program, and $50 million a year pledged to support the RCMP’s body cameras, could go to investments in “social infrastructure” including affordable housing, addiction rehabilitation institutions, job training, education and health care, he said. “The research literature is crystal clear that these things ... lead to concrete reductions in crime and reductions in harm and make communities better, happier and safer,” he said. Schneider said there are more effective, but more complex, ways of enhancing police accountability and transparency, such as strict policies around discipline for officer misconduct, as well as requiring officers to hold professional liability insurance. Officers found liable for misconduct would see their premiums rise, and too many occurrences would make carrying such insurance too expensive, he said. “The idea being that they could no longer afford to be police officers. All the bad apples go away. We’re only left with good cops. Problem solved,” he said. This report by The Canadian Press was first published Nov. 21, 2024.
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AAR resolves Foreign Corrupt Practices Act investigations with the DOJ and SECSAN FRANCISCO, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Humacyte, Inc. (NASDAQ: HUMA) and certain of its executives are now defendants in a class action lawsuit filed in the U.S. District Court for the Middle District of North Carolina. The suit, Cutshall v. Humacyte, Inc., et al. , alleges that the company misled investors about the status of its Biologic License Application (BLA) for its acellular tissue engineered vessel (ATEV) and the regulatory compliance of its manufacturing facilities. Hagens Berman urges investors in Humacyte who suffered substantial losses to submit your losses now . Class Period: May 10, 2024 – Oct. 17, 2024 Lead Plaintiff Deadline: Jan. 17, 2025 Visit: www.hbsslaw.com/investor-fraud/huma Contact the Firm Now: HUMA@hbsslaw.com | 844-916-0895 Humacyte, Inc. (HUMA) Securities Class Action: The complaint, filed on behalf of investors who purchased Humacyte securities between May 10, 2024, and October 17, 2024, claims that the company and its executives failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, the lawsuit alleges that Humacyte's Durham, North Carolina facility had significant manufacturing compliance issues, including deficiencies in quality assurance and microbial testing. The truth emerged after the FDA’s subsequent inspection of the facility and the delayed review of the BLA came to light, which led to a significant decline in Humacyte's stock price. Specifically, on August 9, 2024, the company announced that the FDA would require additional time to complete its review of the BLA. Then, on October 17, 2024, the FDA issued a Form 483 detailing multiple violations at the Durham facility. “The allegations in the complaint highlight serious violations of securities laws. If proven true, Humacyte’s alleged failure to disclose material information to investors is unacceptable,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation. If you invested in Humacyte or have knowledge that may assist the firm’s investigation, submit your losses now . If you’d like more information and answers to frequently asked questions about the Humacyte case and our investigation, read more . Whistleblowers: Persons with non-public information regarding Humacyte should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email HUMA@hbsslaw.com . About Hagens Berman Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw . Contact: Reed Kathrein, 844-916-0895AVITA Medical Announces FDA 510(k) Clearance for Cohealyx, Expanding its Addressable Market
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: The US-based NGF was mismanaged by its executives for their own enrichment. They disregarded their fiduciary duties to the beneficiaries (NU and NIS) the principles of prudent stewardships. Jusan Group, which was intended to generate stable income to NU and NIS through dividends, was taken away in what one could only describe as highway robbery which involved a collusion of NGF executives and Kazakhstan -based oligarchs with approval of the state. As mentioned earlier, I do not know the current state of NF. However, I would not be surprised if there too, funds have been misused for purposes not aligned with its endowment principles. 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. Given the depletion of resources from entities like the Jusan Bank and NGF, do you believe NU can still achieve the financial stability it once promised? What needs to change for it to recover from this crisis? 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. What would be the key steps to restore the university's status and its credibility with students, faculty, and the public? 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. How critical is educational reform in Kazakhstan for addressing broader economic recovery and stability in the post-COVID era? 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: Transparency is non-negotiable: regular, public audits by reputable institutions are essential to build and maintain trust. Governance must be strong and independent: Oversight bodies should include external experts to reduce the risk of inbreeding and conflicts of interest. Accountability deters abuse and exploitation: Those in leadership positions must face consequences for unethical actions. 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 ReporterVice President Kamala Harris on Tuesday thanked supporters during an virtual call and vowed that the “fight’s not over” in what was her first remarks since conceding defeat to President-elect Donald Trump three weeks ago. “The fight that fueled our campaign, a fight for freedom and opportunity, that did not end on Nov. 5. A fight for the dignity of all people? That did not end on Nov. 5,” Harris said. “A fight for the future, a future in which all people receive the promise of America? No. A fight that is about a fight for the ideals of our nation, the ideals that reflect the promise of America? That fight’s not over.” “That fight's still in us, and it burns strong,” Harris later added. “And I know this is an uncertain time. I'm clear-eyed about that. I know you're clear-eyed about it, and it feels heavy. And I just have to remind you: Don't you ever let anybody take your power from you. You have the same power that you did before Nov. 5 and you have the same purpose that you did and you have the same ability to engage and inspire. So don't ever let anybody or any circumstance take your power from you.” The grassroots call came immediately after Harris held a call with her campaign’s finance committee. The finance call was attended by more than 400 donors, according to a source familiar. On the grassroots call, Harris also briefly discussed the historic sum of money that ran her campaign, though she did not address what went wrong as she and her campaign face intense scrutiny over how they could raise that money and lose to Trump so resolutely. “The outcome of this election, obviously, is not what we wanted. It is not what we work so hard for,” Harris said. “But I am proud of the race we ran. And your role in this was critical. What we did in 107 days was unprecedented.” Harris said that over the course of those 100-plus days, her campaign raised $1.4 billion, much of which was from grassroot donors: “Nearly 8 million donors contributed an average donation of about $56.” “You gave all that you could to support our campaign. Because of your efforts -- get this -- we raised an historic $1.4 billion, almost $1.5 billion from grassroots supporters alone, the most in presidential campaign history,” she said. “Being involved can make a difference, and that remains true. And that's one of the pieces that I just want us to please take away -- that our fight for freedom and for opportunity and for the promise of America, it included, for example, nearly almost 4 million first-time contributors to our campaign because of the work you did, of helping people know that they can be engaged and that they're not outside, that they're inside, that we're all in this together,” she added. Harris was joined by her former running mate, Minnesota Gov. Tim Walz, on both calls -- a rare appearance from the two, though Harris joined the call from San Francisco and Walz from Minnesota. Walz on the grassroot donor call also spoke to supporters’ feeling of loss following the election and repeated Harris’ claims that she is not finished with fighting. “I think all of us saw the possibility, and I know there's a bit of a feeling of loss because we saw what a real leader looks like,” Walz said. “She did deliver the best of our better angels," he added. "She delivered a vision where all of us mattered. She did it with grace and dignity and continues to do that every single day. She is still in this fight. She is doing it every single day. She is not done with her current job. She's not done being part of it with all of you." Harris' and Walz’s remarks follow some postelection analysis from Harris campaign senior officials during an episode of “Pod Save America” that aired on Tuesday, including some reaction to finances. Harris campaign Chairwoman Jennifer O'Malley Dillon said that during the cycle, the bulk of the campaign's spending was used to reach out to “very-hard-to-find voters," including low-propensity and young voters, while investing across all swing states because polling reflected that each was in play. "We were trying to, yes, spend more resources on digital ... because we're trying to find young people, we're trying to find these lower-propensity voters that were tuned out to politics," O'Malley Dillon said. “We had some unique things that we had to do in this race that I think were really critical to do early and spent a lot of resources at an earlier stage than we would have to," she added, noting those resources were spent on both advertising and field programming. “We saw, up until the very end, that ... every single state was in such a margin of error. There was nothing that told us we couldn't play in one of these states.” During the podcast, O'Malley Dillon and senior campaign adviser David Plouffe accused the Trump campaign of coordinating with its super PACs, a practice that is not legal, but noted the Democrats need to take note and do the same. “We have to stop playing a different game as it relates to super PACs and the Republicans. Love our Democratic lawyers. I'm tired of it, OK? They coordinate more than we do. I think amongst themselves, I think with the presidential campaign, like I'm just sick and tired, OK? So, we cannot be at a disadvantage,” Plouffe said. “I think our side was completely mismatched when it came to the ecosystem of Trump and his super PACs and ours,” O’Malley Dillon said. “We had a super PAC that was helpful, very important and necessary for the work that they did because they were the kind of central recipients of a lot of the funding on our side and they staked a strategy and a plan, and we clearly could see it, and we knew what it was [going] to spend, but we did not have the ability to have people come in with us early. And so every ounce of advertising, every ounce of carrying these strategic imperatives, of defining the vice president and trying to bring down Trump's numbers, all sat with us as a campaign,” O’Malley Dillon added. Harris has rarely been seen since she delivered her concession speech at Howard University the day after the election. She attended the Veterans Day ceremony at Arlington National Cemetery a week later and was seen making her first return to the White House a day after that. The vice president also spent the last week on vacation in Hawaii. Walz, in the month since the election, has remained almost entirely out of the national spotlight, resuming his duties as the governor of Minnesota. He delivered his final speech of the 2024 campaign cycle on Nov. 8 from suburban Minneapolis, joining a chorus of fellow Democratic governors who said they would protect their states from threats to reproductive freedoms, citizenship and other things under the Trump administration. The former vice presidential nominee also said he’d work to find common ground with swaths of people who voted “for the other side” on Nov. 5. Harris and Walz remained mostly separate on the campaign trail in the roughly 15 weeks she had him as her running mate. The governor was present at Harris’ concession speech at Howard University the night after the election but did not speak or publicly interact with her. Before that, the two held a joint rally on Oct. 28 in Ann Arbor, Michigan, their first event together since late August, when they were seen together in Savannah, Georgia, on a bus tour. Prior to that, their last time at a rally together was in Milwaukee for programming linked to the Democratic National Convention in August.