Political parties have not agreed with the auditory examination for Development Bank of Mongolia, and still have a dispute over the issue. Private entities owned by Several MPs received loans from DBM, which makes the dispute worse. Namely, MonRoad LLC founded by DP’s fraction leader B.Garamgaibaatar received a large amount of loan from DBM. But Mr. B.Garamgaibaatar is member of working group in charge of carrying out auditing for DBM and refuses to agree with the result of the examination, which delays finalizing the matter. Meanwhile, L.Enkh-Amgalan is believed to have the conflict of interest because he leads the working group in charge of auditing.
In regards, other members of the working group are also believed to have the conflict of interest, according to a source. The reason is that Erdenes TavanTolgoi JSC received the loan worth of MNT 370 billion. For instance, the working group’s members MP G.Uyanga and MP Ch.Khurelbaatar own 5360 shares and 2144 shares respectively. Also, others MPs not included in the working group own shares such as A.Bakei -3752 shares, N.Batbayar – 1072 shares, L.Erdenechimeg – 536 shares, Ts.Nyamdorj – 2144 shares, B.Bat-Erdene 5360 shares, Ya.Sodbaatar 4288 shares, D.Sumyabazar – 2144 shares, D.Khayankhyarvaa – 5300 shares, and J.Enkhbayar – 1072 shares.
It can be said that numerous MPs received the loan indirectly from DBM. Erdenes Tavan Tolgoi JSC, which paid only MNT 4 billion as interests of the loan last year according to the glass account. Most importantly, the loan’s spending, payment and dividends must be clarified and discussed. What is not clear is when the loan is going to be paid off.
Generally, every loan transaction related to DBM must be discussed and transparent. According to the working group in charge of auditing, 60% of total loans received DBM are going to be paid by the government, as the remaining 40% are to be solved by private entities that received loans.
Political parties have not agreed with the auditory examination for Development Bank of Mongolia, and still have a dispute over the issue. Private entities owned by Several MPs received loans from DBM, which makes the dispute worse. Namely, MonRoad LLC founded by DP’s fraction leader B.Garamgaibaatar received a large amount of loan from DBM. But Mr. B.Garamgaibaatar is member of working group in charge of carrying out auditing for DBM and refuses to agree with the result of the examination, which delays finalizing the matter. Meanwhile, L.Enkh-Amgalan is believed to have the conflict of interest because he leads the working group in charge of auditing.
In regards, other members of the working group are also believed to have the conflict of interest, according to a source. The reason is that Erdenes TavanTolgoi JSC received the loan worth of MNT 370 billion. For instance, the working group’s members MP G.Uyanga and MP Ch.Khurelbaatar own 5360 shares and 2144 shares respectively. Also, others MPs not included in the working group own shares such as A.Bakei -3752 shares, N.Batbayar – 1072 shares, L.Erdenechimeg – 536 shares, Ts.Nyamdorj – 2144 shares, B.Bat-Erdene 5360 shares, Ya.Sodbaatar 4288 shares, D.Sumyabazar – 2144 shares, D.Khayankhyarvaa – 5300 shares, and J.Enkhbayar – 1072 shares.
It can be said that numerous MPs received the loan indirectly from DBM. Erdenes Tavan Tolgoi JSC, which paid only MNT 4 billion as interests of the loan last year according to the glass account. Most importantly, the loan’s spending, payment and dividends must be clarified and discussed. What is not clear is when the loan is going to be paid off.
Generally, every loan transaction related to DBM must be discussed and transparent. According to the working group in charge of auditing, 60% of total loans received DBM are going to be paid by the government, as the remaining 40% are to be solved by private entities that received loans.