USD 40 million to Standard Bank from EMC “Reserve fund” zeroes debt

Translator E.Oyun-Erdene GoGo.mn

2019-04-05 15:30 GMT+8

Today, Deputy Prime Minister U.Enkhtuvshin and General Director of EMC Kh.Badamsuren made report to the press about Standard Bank issue. They informed that USD 40 million has been transferred to Standard bank and debt is zero now. USD 40 million equals to MNT 105 billion and 240 million as of today’s currency exchange rate of Bank of Mongolia.

Deputy Prime Minister U.Enkhtuvshin and General Director of Erdenet Mining Corporation Kh.Badamsuren made report to the press about Standard Bank issue.

Deputy Prime Minister U.Enkhtuvshin said “Standard Bank claimed USD 51 million from EMC. And working group made decision to make transfer considering its risk”.

USD 40 million has been transferred urgently from EMC “Reserve fund”, and payment has been confirmed by written response. Therefore, accused person shall be charged and repaid the damage.

By making the payment, conflict between EMC and Standard bank is over.

General Director of EMC Kh.Badamsuren said “Transferring payment of USD 40 million from Risk reserve won’t influence on monetary policy and financial situation of EMC. Operation will be normal in further. It is impossible to give detailed information on Risk reserve due to business confidentiality”.

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