K-Bank, KT team up to export internet banking to Mongolia

By Baek Byung-yeul
K-Bank, the nation's first internet-only lender, has teamed up with KT to export its banking services to Mongolia, the company said, Sunday.

The move is part of K-Bank's efforts to expand its business overseas. KT is the largest shareholder of K-Bank with an 18.01 percent stake.
The bank said that in cooperation with Korea's top fixed-line telecom operator, it has signed a contract with MCS Group, a Mongolian conglomerate, to transfer its internet banking technologies and services.
The five-year contract is estimated to be worth up to 5.5 billion won ($4.92 million), including 2.3 billion won in consultancy fees.
Established in 1993 as an energy sector consultant, MCS Group is one of Mongolia's largest conglomerates.
It has a wide business portfolio that includes telecommunications, engineering and infrastructure, real estate, mining and consumer goods distribution.
The Mongolian enterprise has been preparing to set up its first internet lender since early last year. K-Bank and KT will join hands to help MCS Group start the business tentatively titled "M Bank."
Under the contract, the Korean duo will take part in a wide range of projects to launch M Bank, including developing a business model, operation know-how of credit risk management systems and constructing an information technology system.
KT especially will help the Mongolian lender build its own credit scoring system (CSS).
"I am pleased that we can take the first step of expanding our business to the global market, which has been one of our main goals when initiating the internet-only lending business," K-Bank CEO Shim Seong-hoon said in a statement.
"As a major shareholder of K-Bank, KT has developed its own CSS and has accumulated knowhow on the system over years," Yun Kyung-lim, head of KT's global business office, said.
"Based on the company's enhanced technology and platform in the fintech sector, the company will expand its business overseas. We will also strengthen our partnership with MCS Group."

Source:http://www.koreatimes.co.kr
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Statement by the IMF Mission on the Fifth Review of Mongolia's Extended Fund Facility

August 7, 2018
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
An International Monetary Fund (IMF) staff team led by Mr. Geoff Gottlieb visited Ulaanbaatar from July 25 to August 6, 2018 to conduct discussions on the fifth review of the three-year Extended Fund Facility (EFF) arrangement approved on May 24, 2017, in an amount equivalent to SDR314.5054 million, or about US$434.3 million [1] (see Press Release No. 17/193).
The discussions focused on the implementation of the Fund supported program, the medium-term outlook, and policies and structural reforms needed for debt sustainability, the rehabilitation of the financial system, and high-quality growth while protecting the poor.
At the conclusion of the visit, Mr. Gottlieb made the following statement:
“The mission held productive discussions with the authorities on the policies needed to complete the fifth review under the EFF arrangement. Recent macroeconomic performance has been strong with key targets met and growth is reviving although significant vulnerabilities remain.
“Good progress has been made especially regarding structural reforms and policies to rehabilitate and strengthen the financial sector. Discussions including on the macroeconomic policy mix will continue in the near future.
“The team thanks the authorities for their cooperation, constructive dialogue, and hospitality during its stay in Mongolia.”


[1] The dollar amount is calculated based on the SDR-dollar rate of May 24, 2017, equivalent to $425mn at SDR-dollar rate of 1.35274 as of February 27, 2017.
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: TING YAN
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
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Mongolian pickpocketers arrested before fleeing country

Three Mongolian men have been arrested and faced theft charges one day before they planned to leave Thailand, police said on Thursday. Tourist and Metropolitan Police Bureau police said Indermaa Ganbold, 31, Okhinsuren Bayarsaikhan, 39, and Tseddenbal Oyunbold, 34, were apprehended in Pathumwan area on Wednesday in an operation that included BTS skytrain staff. Mr Ganbold was captured at the Chit Lom Lom station. His arrest led to the roundup of the rest at an undisclosed location. 

Tourist police show a chart displaying the arrest of three Mongolian pickpocketers during a media briefing on Thursday. (Tourist Police Division photo) 



Cash of 100,000 baht in many currencies, including the baht and South Korean won, were seized by police. 

The arrest followed a complaint by a Korean tourist that he had lost his wallet with four credit cards and 50,000 won in cash at the BTS Phloen Chit station on July 25. 

Police tracked the gang from the footage of BTS security cameras and finally found Mr Ganbold. 

Two more members of the gang left the country on July 26 with five iPhone X phones bought with the credit cards of the Korean visitor to be sold in their country. The arrested three planned to return to Mongolia on Thursday.


Authorities interrogated them and said they had targeted foreign tourists, especially at BTS stations or crowded areas at department stores, because they were unlikely to report to police. 

The charges carry a fine up to 100,000 baht and/or a jail term up to five years. 
Source:Bankgkok Post
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China and Japan’s Investment Competition in Mongolia

By

China and Japan are two of the most financially influential countries in Mongolia’s proximity. Both have a long history of trade and investment in the latter. Mongolia calls Japan its “Third Neighbor,” which is a term first used in 1990 by then-U.S. Secretary of State James A. Baker who referred to the United States as Mongolia’s “Third Neighbor.” Mongolia then adopted the “Third Neighbor” policy aim at broadening its foreign relations outside of China and Russia to other countries like Japan, the United States and European countries. Japan has traded with Mongolia since the 13th century through the Steppe Road and is currently Mongolia’s third largest source of imports. Since Mongolia became a democratic country in 1990, Japan has consistently provided aid and assistance for its transition to a market economy.
China is one of Mongolia’s closest partners and has traditionally been its biggest trader and investor. By July 2017, China directly invested $4.1 billion in the country which accounted for 30 percent of Mongolia’s foreign investment. However, as China asserts more economic influence in Mongolia via the Belt and Road Initiative, the Tokyo-Beijing relationship has become increasingly complicated. With China’s rise, Japan has felt the urgency to balance and compete with China in the region. Is the development competition between China and Japan beneficial or detrimental to Mongolia? And how can Mongolia maintain and expand its interests within this complicated relationship?

Since China began its comprehensive strategic partnership with Mongolia four years ago, their partnership expanded their economic cooperation, prioritizing natural resources and infrastructure. They also pledged to strengthen security cooperation through increased political communication. In 2014, President Xi Jinping first initiated the China-Mongolia-Russia Economic Corridor (CMREC) as part of the Belt and Road Initiative, furthering its goal to develop infrastructure and industrial projects to establish free trade and economic cooperation zones in cross-border cities. Some of the more well-known projects include the China-Mongolia Cross-border Economic Cooperation Zone from Erenhot to Zamiin Uud, and the Northern Railway Corridor which extends the national rail network to connect Mongolia with Russia and China.
By contrast, Japan started its development projects in Mongolia in the late 90s and early 2000s. In 2003, Mongolia joined the Central Asia Regional Economic Cooperation (CAREC) Program implemented by Asian Development Bank (ADB) in which Japan is one of the two largest voting powers with 15.6 percent. So far there are 301 ADB projects in Mongolia. Just one year after China announced CMREC, Japan’s Prime Minister Shinzo Abe signed Japan’s first economic partnership agreement (EPA) with Mongolia in 2015. He pledged to reduce tariffs and provide an additional $330 million in loans of 0.1 percent annual interest rate for the construction of a new international airport in the nation’s capital city Ulaanbaatar. Potentially inspired by the CAREC, China’s CMREC intends to compete with it while targeting specifically development in Mongolia instead of all Central Asian countries.
Sino-Japan Competition Open Doors
While China and Japan are funding different projects through their respective frameworks, the results of their projects have the potential to complement each other. For example, while Japan provided $500 million in soft loans to construct a new airport in Ulaanbaatar, the Export–Import Bank of China funded $140 million in soft loans to build a highway connecting the airport to the city. These two projects are inseparable — while an airport without a road leading to it is useless, a road leading to nothing is futile. Together they improve the effectiveness of the country’s infrastructure.
Their competition also provides more options for Mongolia. In 2016, Mongolia invited the Dalai Lama to give lectures on Buddhist teachings to the people. At the time the country was going through a debt crisis and sought a large loan from China, the only country willing to lend money with low interest rates. In order to solicit the loan, Mongolia, a country with ancient ties to Tibetan Buddhism, apologized to China and pledged not to invite Dalai Lama again. This incident demonstrated Mongolia’s dependence on China to the extent that it was willing to forsake faith in search of financial assistance.
Japan can provide this diversity of partnership to alleviate this pressure. While Mongolia and China’s relations were strained by the incident with the Dalai Lama, Japan was able to utilize its resources in financial platforms to help create an international aid framework providing Mongolia approximately $5.65 billion. This framework is backed by the International Monetary Fund, the World Bank, the Asian Development Bank, Japan, South Korea and China to relieve the financial challenges faced by Mongolia. During a time of political tension, diversification of loan sources helped Mongolia.
China and Japan’s Complementary Investments
It is interesting to note the difference between China and Japan’s investment strategy. While China’s investment in Mongolia is done mostly in direct lending between the two countries or through several new Chinese-led multilateral frameworks such as the Asian Infrastructure Investment Bank (AIIB) in which China has 26.6 percent of voting power, Japan contributes through multilateral organizations that have established longer reputation with more experiences such as the Asian Development Bank, the World Bank and the International Monetary Fund.
Each has their own strengths and weaknesses. China’s accumulated experiences in financing and building infrastructure projects and its ambitious Belt and Road Initiative will enable Mongolia to be more connected with Europe and rest of Asia through roads and access to the sea via ports. However, some Chinese investment lacks international oversight and comes with political strings like in the case of the Dalai Lama incident. Meanwhile, Chinese investment in large infrastructure projects drove Mongolia’s capital expenditure surge in 2013, thus contributed to an abrupt rise of debt-to-GDP ratio from 2015 to 2016.
Japanese funding comes from more transparent sources that can help diversify the risks for the borrowing country, in turn providing global knowledge transfer and technical assistance to promote sustainable development. The downfall is that it has a higher threshold for Mongolia whose credit rating is low and whose public debt reached almost 100 percent of GDP last year.
For Mongolia, this is an opportune time to work through China, Japan, other “Third Neighbor” countries such as South Korea and Canada, and international financial institutions to diversify away from raw materials, being selective about the projects that can provide long-term sustainable benefits such as investing in human capital and technology advancement. In this trilateral relationship, each country has something to offer and Mongolia needs to establish its own development strategy based on its national interests in order to prevent itself from being caught between its two stronger neighbors.
Yiyi Chen is a master’s candidate at the Fletcher School of Law and Diplomacy at Tufts University. She studies international law, East Asia foreign affairs, and development economics.
 
Source:thediplomat.com


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Mongolia to support startups to diversify economy

ULAN BATOR, Aug.1 (Xinhua) -- Mongolia will support innovative startups with tax-exemption policies to diversify its mining-dependent economy, Minister of Education, Culture, Science and Sport Tsedenbal Tsogzolmaa said Wednesday.
Startups will be exempt from value-added tax and import tariffs on their high-end equipment, she said at a press conference after a government meeting.
"Mongolia's economy is on track to stabilize," the minister said. "So it is important to implement a multi-pillar development policy based on science, technology and innovation to ... stabilize and diversify the economy (more)."
The mining industry contributes to about a quarter of the country's GDP and more than 90 percent of its exports.
Mongolia's non-mining economy was particularly weakened between 2014 and 2016 by falling investment and declining private consumption, according to the World Bank.
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Statement of the Spokesperson of the Ministry of Foreign Affairs of Turkey, Mr. Hami Aksoy in response to a question regarding news about FETÖ structures in Mongolia

FETÖ terrorist organization has a large presence in Mongolia, posing a danger to the Mongolian national security, as well. We have conveyed our serious concerns and expectations to the Mongolian authorities concerning this issue, time and again.
We rightfully expect that FETÖ members be brought to justice. Yet, it is up to the Mongolian government to decide on the course of action against FETÖ in Mongolia. Turkey never interferes with the internal security measures of other countries.
Therefore, we are deeply resentful that the developments on Friday in Mongolia were presented as an abduction operation. Such allegations are totally unfounded and therefore we reject them.
The Ambassador of Mongolia in Ankara was summoned to the Ministry on Friday, informed about these facts and the handling of the case by the Mongolian authorities has been strongly protested.
The recent smearing campaign conducted by FETÖ in Mongolia should be a wake up call for our Mongolian friends, demonstrating their capacity to fabricate lies, and to manipulate and influence the public.
We expect Mongolian authorities to take the necessary steps against this terrorist structure and its extensions in Mongolia.


Source:Turkish Foreign Ministry

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Kincora board appointment

  • Lewis Marks appointed to the Board as a non-executive director
  • Brings extensive operational business experience in Mongolia and across the Asia Pacific natural resource sector
      
Click to view Full Announcement (July 30th, 2018)

Vancouver, BC — July 30th, 2018
Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announce that Mr. Lewis Marks has joined as a member of the Board of Directors.
A former practicing and currently registered New York lawyer, Mr. Marks has lived and worked in Asia for 37 years, with a residence and business operations in Mongolia for most of the last 17 years. Mr. Marks currently serves as a Director of Tsast Impex LLC, the second largest construction company in Mongolia, and is a Director of Steppe Gold Limited, which in May’18 successfully completed a $25 million Initial Public Offering on the TSX and is anticipated to be a gold producer by year end from its Altan Tsaagan Ovoo (ATO) project located in Dornod province, in North-East Mongolia.  
Since 2002, Mr. Marks has served as Member of the Board of Directors of the LIM Japan Fund and been Managing Member of MIC Global Partners LLC. Since 2003, he has also served on the Board of Directors of CBH Resources Limited, which has mining and exploration interests NSW, Australia. From 1980 to 1993 he was with Marc Rich & Co. AG (purchased by Glencore International AG in 1993) and remained with Glencore until 2000, where part of his responsibilities included selling Mongolian copper into China, which first brought him to Mongolia in 1991.
Mr. Marks earned his Bachelor of Science in Foreign Service at the School of Foreign Service, Georgetown University in Washington, D.C. and his Juris Doctor from the School of Law, State University of New York at Buffalo.
Sam Spring, President & CEO commented, "Kincora is pleased to welcome Lewis to the Board and will benefit from his experience across the natural resource sector, including having lived and worked in Mongolia for 17 years, with extensive experience across the Asia Pacific and copper sector.”
The Company will grant to Mr. Lewis options to purchase up to an aggregate of 125,000 common shares each exercisable on or before July 30th, 2020 at a price of $0.20 per share.

Highlighted further details:
Kincora Copper’s deep value opportunity attracts new cornerstone investor: Click Here (July 12th, 2018)
Kincora welcomes a new cornerstone investor: Click Here (June 25th, 2018)
Updated Company Presentation: Click Here (June 25th, 2018)
      
About Kincora
Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on Tier 1 copper-gold projects in Mongolia.
For Further information please contact:
Sam Spring
President & Chief Executive Officer
Kincora Copper
+61 431 329 345

Enquiries:
Christine Wootliff
Investor Relations
121 Group
+852 3628 2420
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Mongolia grounds Turkish plane after suspected kidnap attempt

Mongolian authorities grounded a suspected Turkish air force jet Friday after witnesses said assailants snatched a Turkish man associated with a religious group Ankara has branded as terrorists.
In recent weeks, Turkey’s intelligence agency has conducted operations abroad against associates of US-based preacher Fethullah Gulen — who Ankara says was behind a 2016 failed coup.
As many as five men grabbed Veysel Akcay from outside his home in Mongolia’s capital Ulaanbaatar Friday morning and threw him into a minibus, according to friends and eyewitnesses.

The 50-year-old is director of a school in Mongolia that is alleged to be associated with Gulen, although teachers there denied the connection in response to questions by AFP.
When he failed to show up for work, concerned family and friends notified the police.
Meanwhile, Akcay’s abductors had taken him to Genghis Khan international airport, where a small passenger jet landed around 1.00 pm (0500 GMT).
The plane — with call sign TT4010 — is operated by the Turkish Airforce, according to data on flight tracking site flightradar24.com.
It was the beginning of a more than eight-hour standoff between the captors and Mongolian authorities, who refused to allow the plane to leave the runway.
As authorities summoned Turkish officials from their embassy in Mongolia, parliamentarians and protestors clutching signs demanding Akcay’s release gathered at the airport.
As the standoff dragged on, Mongolian Vice Minister of Foreign Affairs Battsetseg Batmunkh warned Turkish embassy officials that any attempt to abduct a person from Mongolia’s territory would constitute “a serious violation of Mongolia’s independence and sovereignty”.

Turkey’s Minister of Foreign Affairs Mevlut Cavusoglu denied the accusations during a telephone call to his Mongolian counterpart Tsogtbaatar Damdin, according to the Mongolian Ministry of Foreign Affairs.
But officials were not convinced: “We are an independent nation. Do you think anyone can do abductions in our country?” parliamentarian Baasankhuu Oktaybri wrote on Twitter.
The plane took off at 9:25 pm. Akcay was not on it, a Mongolian transportation official said on Twitter.
Turkey accuses Gulen of ordering the July 2016 failed overthrow of President Recep Tayyip Erdogan. He strongly denies the claims.
Gulen’s movement built up significant influence in Turkey and overseas, particularly in Central Asia, Africa and the Balkans, especially via its education network.
Ankara has outlawed the movement as a terror organisation but followers insist they promote peace and moderate Islam.
Turkey has carried out a series of overseas operations against suspected members of the movement in places such as Kosovo, Gabon and more recently Ukraine.
Last week a Turkish blogger accused of links to Gulen was deported from Ukraine as part of an operation by MIT while another individual was detained in Azerbaijan recently and sent back to Turkey.
In Turkey over 77,000 people were arrested over alleged links to the movement during a two-year state of emergency imposed after the coup bid in a crackdown criticised by Ankara’s Western allies.

Source:AFP
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Turkish teacher kidnapped in Mongolia freed after authorities ground flight

BEIJING (Reuters) - A Turkish teacher, who was allegedly kidnapped in the Mongolian capital of Ulaanbaatar and taken to the city’s airport, has been released after authorities temporarily grounded an airplane, according to local media and a social media posting by the man.
Veysel Akcay, who thanked Mongolians for their support on Saturday, was abducted in front of his apartment on Friday morning according to friends and family, who circulated details of the abduction on social media.
Ackay, who has lived in Mongolia for 24 years, is associated with the network of U.S.-based Muslim cleric, Fethullah Gulen, which Turkish authorities hold responsible for a failed 2016 coup in Turkey.
Ankara has branded the group as terrorists, and sought to detain those involved as part of a wide-ranging operation this year.

Supporters of Akcay accused Turkish authorities of having hand in his abduction. The Turkish Embassy and Ambassador denied any involvement, according to the Mongolian Ministry of Foreign Affairs statement.
Groups of supporters gathered at Genghis Khan airport holding signs demanding Ackay’s release on Friday, and human rights activists in the country spoke out publicly, urging the government to take action against the abduction, which they believed was politically motivated.
The plane was grounded by authorities, and later left the country without Akcay at 9:15pm in the evening.
Mongolian authorities said they do not have specific knowledge of the abduction, and are conducting an investigation.
Mongolian deputy Foreign Minister Battsetseg Batmunkh said that if the accusations were true “it is an unacceptable act of violation of Mongolia’s sovereignty and independence and Mongolia will strongly object it.”
Batmunkh made the comments during a meeting with a diplomat from the Turkish Embassy on Friday.
Akcay is currently a general manager at the Empathy Worldwide Educational Institution, which runs Turkish-Mongolian joint schools established by the Gulen Movement 25 years ago.
Turkey has urged Mongolia to shut down the Turkish schools since 2016. 
Human rights activists warned that any involvement by Mongolian authorities in Ackay’s abduction would be in direct violation of constitutional laws that bar the torture, forced abduction and other human rights crimes.
“If Mongolia was really involved, then this is a national shame,” said Bolorsaikhan Badamsambuu, Chairperson at Amnesty International in Mongolia.  

Source:Reuters
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Turkey’s MİT abducts Veysel Akçay, general director of schools affiliated with Gülen movement, in Mongolia

Veysel Akçay, the general director of schools affiliated with the Gülen movement in Mongolia, was abducted by agents of Turkey’s notorious National Intelligence Organisation (MİT) Friday morning in front of his house in Ulan Bator, according to a report by online news outlet TR724.

It was also reported that a private plane was waiting at Ulan Bator Airport to transport Akçay to Turkey. Akçay, who has worked at educational institutions in Mongolia for 24 years, is reportedly one of only a few Turkish nationals awarded the Mongolian Friendship Medal bestowed by the Mongolian state.
After reactions from Mongolian public and media, Mongolian authorities did not allow MİT agents to transfer Akçay from Ulan Bator to Turkey. The private plane had to depart the airport without Akçay. Akçay’s wife Meryem Akçay has confirmed that her husband has returned home.
The Mongolian Foreign Ministry on Friday also issued a statement on the abduction of Akçay and underlining such an unacceptable act would be “a violation of Mongolia’s sovereignty and independence” and that Mongolia would strongly object to it.
The Mongolian Foreign Ministry statement indicated that Deputy Foreign Minister Batmunkh Battsetseg met with a Turkish diplomat over the abduction case.
“The Turkish diplomat reaffirmed that the Republic of Turkey respects the independence and sovereignty of Mongolia, and any illegal activities, including the abduction of persons, have not been conducted on the territory of Mongolia, and conveyed the Turkish Foreign Minister [Mevlüt Çavuşoğlu’s] request to have a phone call with Foreign Minister [Damdin] Tsogtbaatar on this matter,” the statement said.
“The Ministry of Foreign Affairs has requested the relevant authorities to hold a Turkish charter flight aircraft, currently landed at the Chinggis Khaan International Airport, until the matter is resolved.”
According to the TR724 news website, the charter aircraft returned to Turkey without any passengers and Veysel Akçay was taken into police custody in Mongolia for a statement.
According to a statement by the New York-based Journalists and Writers Foundation (JWF), on Friday, at 9:00 a.m. (local time in Mongolia), Akçay left his home for his workplace at the Empathy Worldwide Educational Institution. According to eyewitnesses and CCTV recordings, he was stopped by a minibus in front of his house and abducted by people working on behalf of Turkey’s National Intelligence Organisation (MİT).
When his wife Meryem and his co-workers learned about the abduction, they called the local police and the national intelligence agency of Mongolia. The Mongolian police and intelligence said they had no knowledge of incident and had no information about his abduction or deportation.
Akçay is married to Meryem Akçay and they have four children. Akçay works as general manager of the Empathy Worldwide Educational Institution, which has run the Turkish-Mongolia Schools (four high schools, one international school, one day care center) established by the Gülen movement 25 years ago.
The JWF has made an urgent appeal for abducted Turkish national Akçay in Ulan Bator to Nils Melzer, United Nations special rapporteur on torture and other cruel, inhuman or degrading treatment or punishment; Fionnuala Ní Aoláin, UN special rapporteur on the promotion and protection of human rights and fundamental freedoms while countering terrorism; Bernard Duhaime, UN chair-rapporteur for the Working Group on Enforced or Involuntary Disappearances; Seong-Phil Hong, chair-rapporteur for the UN Working Group on Arbitrary Detention; Koumbou Boly Barry, UN special rapporteur on the right to education; Felipe Gonzalez Morales, UN special rapporteur on the human rights of migrants; and Agnes Callamard, UN special rapporteur on extrajudicial, summary or arbitrary executions.
The full text of the JWF to UN authorities as follows: 
“We write to request urgent action from the United Nations regarding the abduction today, in the morning hours local time (9:00 am) in Ulaanbaatar, Mongolia of the Turkish national Mr.Veysel Akcay, a Turkish citizen living in Mongolia for 24 years. He is married to Ms. Meryem Akcay and together they have four children. Mr. Akcay works as the General Manager of the Empathy Worldwide Educational Institution, which is running the Turkish-Mongolia Schools (4 high schools, 1 international school, 1 day care center) established by the Hizmet/Gulen Movement 25 years ago. 
On Friday, July 27, 2018 at 9:00 am (local time in Mongolia), Mr. Veysel Akcay left his home to his workplace at the Empathy Worldwide Educational Institution.[1] According to eyewitnesses (CCTV recordings), he was stopped by a minibus in front of his house and abducted by people working on behalf of the Turkey’s Intelligence Service (MIT). When his spouse (Ms. Meryem Akcay) and his co-workers learned about the abduction, they called the local police and the national intelligence agency of Mongolia. The Mongolian police and intelligence revealed that they do not know about this incident and they do not have any information about his abduction or deportation.
The Journalists and Writers Foundation is gravely concerned on the fate of Mr. Veysel Akcay who is at risk of imminent deportation from Ulaanbaatar airport in Mongolia, as there is a Turkish Air plane scheduled to take off for Turkey in less than 2-hours.
The Journalists and Writers Foundation shares grave concerns on the fate of Mr. Akcay at risk of imminent illegal transfer to Turkey. We further note, with regret and utmost deal of concern, that the above individual is about to be transferred not only in defiance of relevant domestic law and international standards, but also without any consideration whatsoever on the pervasive climate of fear and repressionand the real risk to his life and health in Turkey.
Any effort to forcibly deport Mr. Akcay to Turkey, or any other place where he faces torture, ill-treatment and a real risk to his life, violate the relevant obligations of Mongoliaunder its own legislation and international law, notably the International Covenant on Civil and Political Rights,the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishmentand the International Convention for the Protection of All Persons from Enforced Disappearance. 
We respectfully request, in accordance with your mandate, urgent action and your support during this critical time for Veysel Akcay under risk of imminent deportation to Turkey. Specifically, we request that the United Nations and the UNHCR assists in securing the release of Mr. Akcay and prevent his deportation to Turkey. We respectfully urge the OHCHR to take immediate action. 
A copy of Mr. Akcay’s passport data page is herewith attached and the [Journalists] and Writers Foundation would welcome the opportunity to provide your offices with further information or to clarify any issues in relation to this communication. 
Sincerely,
Mehmet Kilic                                                     
President
Journalists and Writers Foundation”
MİT abducted journalist Yusuf İnan and Salih Zeki Yigit in Ukraine, and İsa Özdemir in  Azerbaijan early in July. They were transported by MİT agents to İstanbul by private plane. MİT agents had abducted six teachers in Kosovo on March over their alleged links to the Gülen movement. In cooperation with Kosovar intelligence, MİT’s abduction of the teachers sparked widespread debate and drew ire from around the world.
According to a statement made by Turkish Foreign Minister Mevlüt Çavuşoğlu, over 100 alleged members of the Gülen movement have been abducted by MİT agents abroad and brought back to Turkey as part of the Turkish government’s global manhunt.
“We have been watching these traitors for two years and have brought the leading figures of FETÖ to our country. Some of these cases were covered by press, while others weren’t at the request of the countries involved. I can frankly say that more than 100 FETÖ-affiliated people have been brought to Turkey,” Çavuşoğlu said in an interview with Turkey’s pro-government CNN Türk.
“FETÖ” is a derogatory term coined by ruling Justice and Development Party (AKP) led by Turkish President Recep Tayyip Erdoğan to refer to the Gülen movement.
Turkey survived a controversial military coup attempt on July 15, 2016 that killed 249 people. Immediately after the putsch, the Justice and Development Party (AKP) government along with President Recep Tayyip Erdoğan pinned the blame on the Gülen movement.
Fethullah Gülen, who inspired the movement, strongly denied having any role in the failed coup and called for an international investigation into it, but President Erdoğan — calling the coup attempt “a gift from God” — and the government initiated a widespread purge aimed at cleansing sympathizers of the movement from within state institutions, dehumanizing its popular figures and putting them in custody.
Turkey has suspended or dismissed more than 150,000 judges, teachers, police and civil servants since July 15. On December 13, 2017 the Justice Ministry announced that 169,013 people have been the subject of legal proceedings on coup charges since the failed coup.
Turkish Interior Minister Süleyman Soylu announced on April 18, 2018 that the Turkish government had jailed 77,081 people between July 15, 2016 and April 11, 2018 over alleged links to the Gülen movement.

Source:https://stockholmcf.org/mit-abducts-veysel-akcay-general-director-of-schools-affiliated-with-gulen-movement-in-mongolia/
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Mongolia's industrial output rises by 24.6 pct in H1 2018

ULAN BATOR, July 19 (Xinhua) -- Mongolia's industrial output in the first half of 2018 increased by 24.6 percent year on year, amounting to 7.4 trillion Mongolian Tugriks (some 3 billion U.S. dollars), official data showed Wednesday.
Output of the main products of mining and extractive industries was up by 24.2 percent, making it the biggest contributor to overall growth, according to data from the National Statistical Office of Mongolia.
In particular, the volume of raw coal production increased by 51.4 percent, and the volume of iron ore production grew by 11.4 percent year on year.
Some 75 percent of the landlocked country's total industrial production comes from mining industry products, according to statistics.
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Kuwait Fund for Arab Economic Development signs remaining balance of over $3.5m loan deal with Mongolia

KUWAIT CITY, July 19: Kuwait Fund for Arab Economic Development (KFAED) has signed the remaining balance of $3,500,336.61 for Grant Agreement No. 31 with the government of Mongolia to assist in the financing the Undurkhaan Airport in Khentii Province in Mongolia.
The loan agreement was signed on behalf of the government of Mongolia by His Excellency Ambassador Extraordinary and Plenipotentiary of Mongolia to the State of Kuwait His Excellency Zorigt Chintushig, while the Deputy Director-General of Kuwait Fund for Arab Economic Development Ghanim Suleiman Al-Ghenaiman signed on behalf of the KFAED.
The aim of the project is to enhance economic and social development of Khentii Province through the provision of the necessary infrastructure for air transport. The project consists of all necessary works for the construction of Undurkhaan Airport, which is located in Chinggis City, capital of the province and it’s expected to be completed by June 30th of 2021 at a total cost of a bout $3,500,336.61 which Kuwait fund is sponsoring. The remaining balance of the proposed grant will cover the cost of the project in local currency.
The fund has already provided the government of Mongolia with 4 loans to finance projects in different sectors worth KD 23,972 million, of which KD 23,698 million was withdrawn as at 15/05/2018 and has been 12,025 million repaid. It also provided the government of Mongolia with technical assistance amounting to KD 433,569 to finance the preparation of the technical and economic feasibility studies, which were combined with loans for the same projects.
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Frontclear Facilitates a Landmark Transaction With State Bank Mongolia, EBRD and ING Bank

AMSTERDAMJuly 19, 2018 /PRNewswire/ --
Frontclear arranged and structured a USD 30 million cross-border collateral swap with the European Bank for Reconstruction and Development (EBRD), enabling a further repo transaction between the Mongolian State Bank and ING Bank. It is the first time in Mongolia that a repo or collateral swap transaction has been done with local currency collateral cross border and a first such deal involving a commercial bank. 
In this transaction, Frontclear borrowed USD 30 million in US Treasury bonds from the EBRD and then on-lent them to the State Bank LLC in Mongolia against Mongolian local currency government bonds in a collateral swap transaction. Frontclear guaranteed the transaction to EBRD. With the US Treasuries in hand, State Bank LLC borrowed funds in a repo transaction with ING Bank N.V. Singapore branch.
Credit risk, legal and operational risks plus wrong way risk concerns, has made it very difficult for Mongolian banks to source hard currency liquidity against local collateral in global capital markets. The landmark transaction made it possible for State Bank LLC to competitively access funding from foreign banks. It also helped clarify certain legal and operational issues related to bond trading in Mongolia, which were mitigated by effective Frontclear deal arranging and structuring.  
Both collateral swap transactions were documented under an International Swap and Derivatives Association (ISDA) agreement, whereby Frontclear customized the swap confirmation to legal issues in the Mongolian market. The repo transaction was closed under a Global Master Repurchase Agreement (GMRA). The transaction documents introduced best practice operational and legal concepts, which will be further reviewed in a Frontclear organized Executives' Roundtable in Ulaanbaatar in September 2018.
"We are proud of the catalyst role we have played in originating the structure. The transaction provides a new mechanism for Mongolian banks to utilize local collateral in international capital markets and sets a benchmark for the development of Mongolia's money market going forward."-Andrei ShinkevichSVP Frontclear 
"We expect this transaction to generate positive ramifications for Mongolia as it enabled know-how transfer to the local market and should have a demonstration effect on other potential followers from global financial markets."-Aude Pacatte, Director, Head of Portfolio Management EMEA, EBRD 
"State Bank is delighted for successfully executing this inaugural transaction that provides possibilities to practice the financial instrument in line with international best practice and facilitates development of interbank money market in broader perspective in Mongolia."-Chinbat Lkhagvasuren, Director General, Treasury Department, State Bank of Mongolia    
"We are proud to have been given the opportunity to play an instrumental role in the further development of the capital market in Mongolia, together with State Bank of Mongolia, Frontclear, and EBRD."-Erik Versavel, ING Mongolia Country Head 
About Frontclear  
Frontclear is a development finance company focused on catalyzing stable and inclusive interbank markets in emerging and developing countries (EMDC). Frontclear facilitates access by local financial institutions to interbank markets through providing credit guarantees to cover a transacting institution's counterparty credit risk. This on the condition that local currency assets can be used for collateral management purposes. Frontclear's Basel III compliant guarantees specifically cover due payment of the Early Termination Amount under ISDA contracts and corresponding claims under GMRA. The guarantees are in turn counter-guaranteed by KfW, a AAA-development financial institution. The guarantees are complemented by a technical assistance programme (FTAP). FTAP supports targeted and planned interventions in bank and system development, which reduce the operational and country risks obstructing interbank trading. European Bank for Reconstruction and Development (EBRD), the Dutch development bank FMO, the Financial Sector Deepening Africa (FSDA), the French development bank Proparco, The Currency Exchange Fund (TCX), the UK's Department of International Development (DFID) and the German Ministry of Development Cooperation (BMZ). Frontclear's guarantees are counter-guaranteed by KfW, a AAA-rated German development Bank.
For further information, please visit http://www.frontclear.com
About EBRD 
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 67 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Follow us on the web, Facebook, LinkedIn, Instagram, Twitter and YouTube.
About State Bank LLC 
The State Bank is a state-owned commercial bank, established pursuant to decree of the Government of Mongolia. Since its establishment, the Bank has been contributing to the overall banking system through its successful operations that cater the financial needs of its customers, both retail and corporate, in a reliable and timely manner, leveraged by its skilled personnel and advanced technology. The State Bank is Mongolia's one of six systematically important banks and it maintains the strongest nationwide retail banking presence in Mongolia.
About ING  
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 51,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

Sustainability forms an integral part of ING's strategy, evidenced by ING's ranking as a leader in the banks industry group by Sustainalytics. ING Group shares are included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World), where ING is also among the leaders in the banks industry group. 
ING Wholesale Banking has an international network in 40 countries with key positions in Structured Finance and Financial Markets. In Asia Pacific ING is active and present in 14 major markets, namely AustraliaChina, Hong Kong SAR, IndiaIndonesiaJapanMalaysiaMongoliathe PhilippinesSingaporeSouth KoreaTaiwanThailand and Vietnam. ING's presence in Asia Pacific also includes a 13% stake in Bank of Beijing, China; a 3.74% stake in Kotak Mahindra Bank, India; a 30% stake in TMB Bank, Thailand as well as wholly owned ING Australia that offers retail and wholesale banking services.
SOURCE Frontclear
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The Naadam Festival: A feast for the grassland nomads

‍Raucous crowds, the sound of hooves clattering, emerald steppes dotted with yurts – for local residents in China's Inner Mongolia Autonomous Region, the Naadam Festival is, by all means, the most magnificent event of the year. 
Ethnic Mongolians hold the five-day festival on the fourth day of the lunar month of June annually, paralleling the harvest season in the grassland. The premier summer event kicked off on July 16 this year.
Naadam, also known as “Nair,” means entertainment, and gambling in ancient times, in the Mongolian language, which shed light on the Mongols’ spiritual pursuits for freedom and power through a series of featured events.

Short for the local term “Eriyn Gurvan Naadam,” Naadam refers to “the three games of men” – horse racing, wrestling, and archery – that are all ancient military arts showcasing athletic prowess and skills.
It was included in the first batch of The National List of Intangible Cultural Heritage of China on May 20, 2006, and then inscribed on the Representative List of the Intangible Cultural Heritage of Humanity of UNESCO in 2010.
The riotous festival, by essence, is far beyond a bunch of sports competitions but also serves as a spiritual feast celebrated by the nomads who have had to withstand harsh environments – droughts and severe cold.

A requisite part of warrior culture
The tradition of Naadam can be traced back to the 12th century, with a long history that may date farther back than the Yuan Dynasty (1279–1368) when the first instance of the Mongolian term for "three manly games" was recorded.
According to documents, Naadam originated with Genghis Khan’s establishment of the Mongol Empire. The clan leaders and soldiers, before or after military campaigns, used to gather together and participated in the games to show their power and prowess.
Genghis Khan (1162–1227) believed that the fighting will of his warriors were aroused through competing with each other, a fierce force thus fully prepared to fight for victory.
What’s more, the macho-fixated events are held as the ceremony celebrating the new territory successfully conquered after uphill battles, and sometimes as the inauguration of a clan leader or a khan.
In the earlier time of Genghis Khan’s empire, these typical manly games were unofficial sports, from which only one type of competition, often wrestling, would take place at each event and usually only include warriors. 
It was during the Yuan Dynasty that wrestling, horse racing, and archery were set by the rulers as three basic skills the Mongolian males must handle, which then became an official military and sports fixture. 
Meanwhile, all of the featured events had been integrated into a big festival, which all of the Mongolian nomads were allowed to participate in, and since then, the Naadam Festival had enjoyed overwhelming popularity on the grassland.

Wrestling: A showcase of strength
Wrestling, the dominant sport among the ethnic Mongols, is an indispensable part of the Naadam Festival.
The ethnic Mongolians have unique outfits, rules, and techniques during wrestling matches and develop it as a specific type of Mongolian wrestling.
The wrestlers must wear standard gear including “zodog” and “gutal.” The waistcoat part of a zodog is usually made of cowhide, buckskin or camel skin fixed with bronze or silver, which makes it easier to be grasped by opponents. 
Gutal is a leather boot mostly in traditional Mongolian style where the toe part is slightly upturned. Various auspicious patterns such as a dragon, peacock, flower, and fire decorate the jacket-like costume and the boots.

Renowned participants will wear “jangga,” an awarded necklace with colorful silk ribbons to mark if the wrestlers have won considerable contests.   
After singing the songs of wrestlers three times, the competitors dance instead of walk onto the field, waving their arms in the air like eagle wings. The gestures are inspired by the eagles flying in the sky, which is a symbol of courage for many Mongols.
The most interesting point about wrestling is that the 13 basic actions like pulling and pushing may evolve into more than 100 techniques.
The rules set in Inner Mongolia are different – no holding the crotch, no hitting the face, no kicking the belly or any body part above the knees. And if any part of the body above the knee or the ankle touches the ground, the wrestler immediately loses. 
Horse racing: A showcase of speed
Though local residents in Inner Mongolia have experienced huge changes brought by modernization, horse culture, however, remains the central pillar of most Mongols’ lives.
Thanks to their nomadic lifestyle, horses are a key part of their lifestyle with Mongols proudly claiming themselves to be an ethnic group on horseback. Missing the horse races is unthinkable during Naadam.
The contestants are usually all children aged from five to 13, given the weight limitation of Mongolian horses.
Before each race, the bareback and barefoot jockeys gather on horseback, loudly sing the folk song "Gingo" to cheer up their horses. With a sharp whistle, the line-up horses shoot off from the gate thundering towards the finish line. 
Archery: A showcase of skill
Archery is another source of pride for the Mongols as it is such a time-honored tradition.

Before 800 AD, the Mongols lived according to two models of the economy – the nomadic economy and the hunting one.
As Genghis Khan unified the scattered Mongolian tribes, the Mongols gradually transitioned into the complete nomadic model, but kept exercising their archery skills to defend against foreign and animal attacks.
Therefore the archery match is also highly valued as a celebration for the ethnic group. Both males and females can participate in the matches regardless of their age.
There are three types of competitions – short-distance archery, long-distance archery, and horseback archery – where the archers must bring their own bows and arrows as well as horses to join.
The line-up of archers all wear the silk and brocade “deals," the traditional Mongolian robes, embroidered with gorgeous patterns in a riot of colors.

Source:China Global TV Network
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