Mongolian President Khaltmaa Battulga started his career as a wrestler—and he’s just forced Mongolian democracy into submission. In a critical vote on March 27, 82.1 percent of parliament voted to amend the existing prosecutorial system and in favor of a Law on Anti-Corruption, changes that effectively give Battulga free rein to bend the courts in his favor. That happened despite the majority of members of parliament coming from the Mongolian People’s Party—which is in opposition to Battulga’s own Democratic Party.

Since its democratic revolution in 1990, Mongolia has been a rarity in Central Asia: a democratic country where the law and the parliament truly mattered. As of now, that democracy is in peril—swept away by a charismatic president riding public anger about widespread corruption and using it to protect his own allies against the consequences of that corruption.

Mongolian citizens can submit a petition against the law, and the Supreme Court can overrule this decision as unconstitutional, but experts believe both are highly unlikely. The other two potential checks are democratic elections and peaceful protests. But by 2020, when Mongolia has its next elections, the odds of a free and fair vote may have diminished—and the appetite for public protest is small.

The new laws allow any judge to be forcibly recused from any case. Technically, these decisions will go through the National Security Council (NSC) and the Judicial General Council before reaching the president. But the NSC is made up of the president, prime minister, and the speaker, and the Judicial General Council is appointed by the president. These two institutions will never go against the president.

In Mongolia’s fraught political environment, Battulga can decide to prosecute his enemies at will because the courts are now under his control, and any justice who steps out of bounds will lose their power or be appointed to the middle of nowhere. He immediately used his new power to dismiss the general prosecutor, who oversees and appoints more than 500 other prosecutors. The law also removed the term protections around the general prosecutor and the general commissioner of the Independent Authority Against Corruption—whom Battulga immediately dismissed. He will likely replace both with his own cronies.

Munkhsaikhan Odonkhuu, a professor of law at the National University of Mongolia, described the incident as a soft coup. “Previously if you wanted to demolish a democracy you would take it with military force. Now things have changed, you just slowly chip away the constitution and judicial system to create an authoritarian regime,” he told Foreign Policy. Other lawyers echoed his fears.

The Mongolian president once had relatively little power. Key authority rested with the prime minister, representing the ruling party, and the speaker of the Great Khural, Mongolia’s parliament, who is nominated by the ruling party and then voted on by the Khural.

But Battulga’s two predecessors accumulated greater authority to themselves, and the charismatic multimillionaire, elected in 2017, has turned the post into a key one through a series of sharp political moves.But Battulga’s two predecessors accumulated greater authority to themselves, and the charismatic multimillionaire, elected in 2017, has turned the post into a key one through a series of sharp political moves.
In part that’s because of Battulga’s own background. He’s a fusion of U.S. President Donald Trump’s brash populism with Russian President Vladimir Putin’s macho image. Rather than coming from one of Mongolia’s established families, he started off as an artist and wrestler, winning gold in the Soviet 1983 World Sambo Championships. His status on the national wrestling team gave him the ability to travel and the connections to start an import-export business when the country opened up in the early 1990s. He made a small fortune through purchasing formerly state-owned hotels and broadened his real estate empire into plants and factories—while keeping up his athletic ties as a prominent backer of judo.

In the 2017 campaign, he painted himself as a champion of the people and an archetypal rags-to-riches story. He also fed off popular anger against the Chinese, Mongolia’s hated neighbors, running on a “Mongolia First” platform that emphasized his business skills. And Battulga sold himself as a successful businessman. Amid rampant corruption and an economy hamstrung by falling demand from China, it was a potent package.

TAIPEI (Taiwan News) -- A business delegation from Mongolia comprising 40 officials and professionals is visiting Taiwan to explore collaborations and business opportunities in the fields of information and communication technology (ICT), agriculture and livestock farming, as well as waste management.

Led by the newly-elected President of the Mongolian National Chamber of Commerce and Industry, Amartuvshin Otgondavaa, the team of 78 had a joint meeting with their Taiwanese counterparts on Thursday in Taipei, reviewing the status of bilateral agricultural and livestock trade, ICT and cybersecurity policies, as well as waste management in both countries. A three-hour business matchup and networking event followed the meeting.

The event was co-hosted by the Chinese International Economic Cooperation Association and the Mongolian National Chamber of Commerce and Industry.

In the opening ceremony, chairperson of Taiwan's National Communications Commission, Chan Ting-i (詹婷怡) spoke of the 9-year-old MOU with Mongolia's Communications Regulatory Commission (CRC) in developing an information communication partnership. She said she was looking forward to a deepened collaboration between the two institutions in the era when the information technology and telecommunication regime is shifting and a cross-border, as well as cross-industry collaboration will be needed to catch up with the change.

Chan also explained why Taiwan is a trusted partner in developing ICT infrastructure: "Awareness of constructing a safe and trusted 5G communication network is mounting in the context of China's Huawei 5G security concerns, so a trusted partner does matter in their efforts to tap into the exponential growth of ICT business and to overcome the demand for a faster and a more stable 5G network."

"Taiwan has an edge in developing a safe and fast information communication and telecommunication network, and the country values data privacy and protection, which is evidenced by the passage of an act governing information communication security management last year," she added.

Chan said she was confident of the country's capability in safeguarding data security and is willing to share the know-how with the Mongolian partner in its digital transformation effort to become a "smart nation."

In addition to the partnership in the field of ICT, the delegation is also looking for expanded agricultural trade, including the nutritious sea buckthorn. President of Mongolian National Association of Fruits & Berries Nasanjargal Darjaa said at the event that he is hoping Taiwanese consumers will be able to enjoy more sea buckthorn products one day.

Taiwan imports mainly vegetarian oils from Mongolia and exports cereal/food products and wood products to the country.

According to data from the Bureau of Foreign Trade, MOEA, bilateral trade between Taiwan and Mongolia amounted to US$40.45 million in 2018, and exports from Taiwan increased by 154 percent from a year earlier.

The Mongolian delegation also visited the Smart City Summit & Expo, the largest of its kind in Asia, during the visit on Tuesday and Wednesday.

New York (CNN Business)Wells Fargo CEO Tim Sloan is stepping down effective immediately as the bank struggles to overcome a litany of scandals.

Sloan, a three-decade veteran of Wells Fargo (WFC), said it was his decision to relinquish control of Wells Fargo as a way to help the bank move forward. Wells Fargo's board pledged to find an outsider to replace Sloan, who plans to retire at the end of June.
The shake-up comes as Wells Fargo has faced repeated calls from politicians, including Senator Elizabeth Warren, to find new leadership to fix its broken culture. And regulators have continued to keep Wells Fargo in the penalty box for its misdeeds.
"I have decided it is best for the company that I step aside," Sloan said in a statement.
Wells Fargo tapped C. Allen Parker, its general counsel, to take over on an interim basis.
Sloan, who became CEO in 2016 in the midst of a national backlash over Wells Fargo's fake-accounts scandal, said the bank has made progress in some areas but still has more work to do.

Wells Fargo CEO Tim Sloan's pay rose to $18.4 million last year
"It has become apparent to me" that Wells Fargo will "benefit from a new CEO and fresh perspective," Sloan said.
'About damn time'
Wall Street seems to agree. Wells Fargo's shares rose 3% in after-hours trading following the news.
"About damn time," Warren tweeted on Thursday following the news of Sloan's exit. "He enabled Wells Fargo's massive fake accounts scam, got rich off it, & then helped cover it up."
Warren, a Democratic presidential candidate, urged the SEC and Justice Department to investigate Sloan for his role in Wells Fargo's problems. "And if he's guilty of any crimes," she said, "he should be put in jail like anyone else."
Wells Fargo's statement made no reference to wrongdoing by Sloan.
The board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo."

Wells Fargo's scandals didn't just cause political headaches. The bank's financial results were hurt by Wells Fargo's tarnished reputation and soaring legal fees. And Wells Fargo's stock closed on Thursday 1.4% below its pre-scandal level. By comparison, the S&P 500 has soared 29% over that span and rival bank Bank of America (BAC)has spiked 74%.
Wells Fargo shocked the banking industry in September 2016 when it admitted to firing 5,300 workers over several years for opening millions of fake accounts. The news forced the ouster of longtime CEO John Stumpf and led to hearings in Congress.

Beyond the fake-accounts scandal, Wells Fargo has admitted to charging thousands of borrowers for auto insurance they didn't need and hundreds of homebuyers mortgage fees they didn't deserve. Last year, Wells Fargo said about 545 homeowners lost their homes due to an apparent software glitch with the bank's loan modification process.
The Federal Reserve, citing "widespread consumer abuses," slammed Wells Fargo in early 2018 with unprecedented sanctions that prevent the bank from growing until it cleans up its act. The asset cap has remained in place longer than anticipated because the Fed is unsatisfied with Wells Fargo's fixes.
Laundry list of scandals
While Wells Fargo took steps to fix itself, including replacing senior executives and eliminating its controversial sales goals, new problems continued to emerge.
'I begged them for help': Wells Fargo foreclosure nightmare
'I begged them for help': Wells Fargo foreclosure nightmare
Beyond the fake-accounts scandal, Wells Fargo has admitted to charging thousands of borrowers for auto insurance they didn't need and hundreds of homebuyers mortgage fees they didn't deserve. Last year, Wells Fargo said about 545 homeowners lost their homes due to an apparent software glitch with the bank's loan modification process.
The Federal Reserve, citing "widespread consumer abuses," slammed Wells Fargo in early 2018 with unprecedented sanctions that prevent the bank from growing until it cleans up its act. The asset cap has remained in place longer than anticipated because the Fed is unsatisfied with Wells Fargo's fixes.
'Mr. Inside'
Sloan was always an odd choice to lead sweeping change at Wells Fargo because of his long roots at the bank and within its culture.
Prior to becoming CEO, Sloan served as the bank's chief operating officer, where he oversaw the community banking division at the heart of the fake-accounts scandal. Sloan also oversaw the consumer lending division, where Wells Fargo's auto loan problems occurred.
"He was Mr. Inside," said William Klepper, a management professor at Columbia University. "If they wanted to make a clean cut, Sloan should have gone and they should have looked outside for a new leadership team."
Wells Fargo has now heeded calls to find an external candidate to replace Sloan.
"Although we have many talented executives within the company," Wells Fargo Chairwoman Elizabeth Duke said, "the board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo."
Duke, a former Federal Reserve official, credited Sloan with serving Wells Fargo "with pride and dedication" and for working "tirelessly" as CEO.