AmCham Daily Newswire

B. Amarjargal arrested by the Independent Authority Against Corruption

Summary: B. Amarjargal, the Director of Management and Policy Planning at the Office of Capital City Property Relations,has been arrested by the Independent Authority Against Corruption under the suspicion of accepting a large amount of bribes. B. Amarjargal is the fourth employee of the Capital City Property Relations being accused of using his position to accept bribes. In July, the Head of Bayanzurkh District’s Property Relations N. Batsukh was caught accepting a 200 million MNT bribe from the lawyer of the Chinese national, Li. The Head of Bayanzurkh District’s Property Relations S. Bayambadorj, and the Head of Sukhbaatar District’s Property Relations T. Munkhbaatar, have both been investigated for accepting bribes and for illegally giving property rights. T. Sukhbaatar’s bail was posted on July 10, but N. Batsukh and S. Bayambadorj are still being detained.

Keywords: corruption Today /page 1/

The Prime Minister is visiting the main agricultural regions of the country

Summary: Prime Minister J. Erdenebat visited one of main agricultural areas, the Selenge Province, and met with farmers from Gatsuurt LLC, Gegeeleg Trade, and Atar Trade in the Tsagaanuur, Zuunburen and Shaamar Soums. He announced the recently approved government Action Plan for 2016-2020 and highlighted some of the projects, such as creating a legal framework for agricultural insurance, improving greenhouses, and circulating the 1,072 pieces of stock given to Mongolian citizens into the market. He also noted that he will support products made in Mongolia, national SMEs and the elderly through pension programs.

Keywords: agriculture, prime minister The National Post /page 2/

Mortgage loans are halted temporarily

Summary: The Spokeswoman for the Bank of Mongolia D. Ariunaa stated that, “Commercials banks have misused the funds designated for mortgage loans.” The commercial banks have used the funds for other types of loans and the BoM is analyzing the violations. Until the official assessment is complete, 8% mortgage loans will not be given.

Keywords: mortgage The National Post /page 9/

Mongolian Copper Corporation bought Mongolrostsvetmet LLC

Summary: On June 28^th, the previous Prime Minister, Ch.Saikhanbileg, announced that Mongolia claimed 100% ownership of Erdenet Mining Corporation. As a result of the historic transaction between Rostec Corporation and Mongolian Copper Corporation LLC, 51% of the shares of Erdenet Mining Corporation LLC and Mongolrostsvetmet LLC will belong to the government and the remaining 49% of shares will belong to the Mongolian Copper Corporation. The Trade and Development Bank of Mongolia was the main financial consultant and Skadden, Arps, Slate, Meagher & Flom was the legal adviser for Mongolian Copper Corporation. Baker & Mckenzie was the legal adviser for Rostec Corporation during the transaction.

Keywords: coal Daily News /page 1,5/

The Member of Parliament, D. Terbishdagva meets with the Russian Federation’s Ambassador to Mongolia, Azizov Iskander Kubarovich

Summary: Member of Parliament and Chairman of the Economic Standing Committee D. Terbishdagva met with the Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Mongolia, Azizov Iskander Kubarovich. At the start the meeting, D. Terbishdagva expressed his gratitude to the people of Russia for always cherishing the relationship between the two countries. This year marks the 95^th anniversary of diplomatic relations between the Russian Federation and Mongolia, and the Minister of Foreign of Affairs of the Russian Federation Sergei Lavrov paid an official visit to Mongolia in April. During the visit, representatives from both sides signed a program to increase the strategic partnership between the two countries. The plan identified future trends for the next 5 years of partnership between the countries covering all sectors. The MP stated that, "We are working diligently to create a detailed plan to implement the programs." The MP asked for the Ambassador’s help in creating the detailed plan. The Ambassador expressed his gratitude to D. Terbishdagva for working as the Head of the Commission between the Russian and Mongolian Governments and all the work he has done to improve the diplomatic, economic and technological developments between the two countries.

Keywords: ambassador www.montsame.mn