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“USD 43 million recovered through efforts of government organizations” www.montsame.mn
The Investigation Division of the Independent Authority Against Corruption of Mongolia (IAAC) has recovered a total of 123.5 billion tugriks (US$43 million) as a result of investigating corruption case.
According to the press release posted by the IAAC, “Several high-level political officials have abused their power and made an illegal decision to sell 49 percent of the common stock of Mongolian-Russian joint venture Erdenet Mining Corporation and Mongolrostsvetmet LLC to the Trade and Development Bank-controlled Mongolian Copper Corporation LLC for US$400.2 million. A joint working group of the IAAC and the Economic Crimes Department of the Criminal Police have investigated the alleged criminal case of corruption.”
“An investigation has found that QSC LLC misappropriated 100 billion tugriks (US$35 million) transferred from Mongol Bank (Central Bank of Mongolia) under the “Debt Transfer Agreement” signed on April 06, 2016, as part of the measures to reduce the risk of insolvency.”
“Investigator’s statement No. 10 dated June 19, 2018, was sent to the Mongol Bank by the working group to eliminate the causes and circumstances that contributed to the crime, demanding the compensation of 100 billion tugriks (US$35 million) in damages to the state by exercising its right to unilaterally withdraw from the “Debt Transfer Agreement” that was misappropriated.”
“In accordance with the investigator’s statement, Mongol Bank terminated the agreement and started to compensate the government by recovering the said amount from QSC LLC. As a result of cooperation between the government organizations, the company has transferred the last payment of 61.8 billion tugriks (US$21.6 million) on May 6, 2021, and the total loss of 123.5 billion tugriks (43 million) was fully recovered.”
Source: Independent Authority Against Corruption
Published Date:2021-05-31
