"The White House is correct to recommend that the Ex-Im Bank not support a company that is widely reported to have ripped off foreign investors by manipulating the bankruptcy of a rival," said Maloney. "The fact that this transaction has come so close to being approved demonstrates the need for legislation that broadens the criteria that Ex-Im reviews in making guarantees. The Bank should not be in the business of offering the full faith and credit of the United States to companies that practice crony-capitalism. I am a strong supporter of the core mission of Ex-Im and I look forward to developing a legislative approach to address these shortcoming next year."

"As we have seen in Southeast Asia and around the world, the fair and impartial enforcement of bankruptcy law is a primary requirement in attracting foreign investment. The Export-Import Bank does the Russian people no favor by endorsing lawless practices that will discourage investors in the long run."

Congresswoman Maloney has been closely monitoring the Tyumen Oil loan guarantees since sending a letter to Ex-Im requesting information on the transaction November 2, 1999. Since that date, Congresswoman Maloney has sent letters to the House Banking Committee, Ex-Im itself (with 13 colleagues), and the GAO asking that the guarantees be delayed and further scrutinized.

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