Owner of "Mongol Gazar"Holdings arrested, reports Mongolian newspapers

Mongolian newspapers "Dayar Mongol" and " Ulaanbaatar Times" reported today Myanganbayar, owner of "Mongol Gazar Holdings" gold mine company arrested in Chinggis Khaan Airport after coming back from China a week later.

The newspapers reported Myanganbayar was not repaying back 60 billion tugrig loan borrowed from "Zoos" bank. This led to bankruptcy of the bank and last week, Mongol Bank announced it is nationalizing the "Zoos"Bank and injecting cash in it.

One of the charges directed against Myanganbayar is falsification of documents in order to obtain loan from several banks using "Olon-Ovoot"gold deposit as collateral. The gold miner also reportedly took loan of 16 billion Tugrig from another bankrupt bank "Anod".

Officials of the Finance Minister and Mongol Bank said Myanganbayar should be made to repay back his loans.Mongol Bank determined Myanganbayar's loan size from Mongolian and international banks reached 187 billion Tugrig, according to the newspapers.It s alleged that only 80 billion Tugrig from Myanganbayar's loan is being repaid according to schedule and remaining 100 billion Tugrig loan considered to be bad loan.

The newspapers did not specify date of Myanganbayar' arrest.

Review written by Ganbat, editor of MonInfo News Service



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