Ceremony for start of auditing into Oyu Tolgoi underground
mining development and financing plan/Dubai agreement) held on Monday was
attended by D.Khurelbaatar, chief auditor of Mongolia, A.Enkhbat , advisor to
the chief auditor, Ts.Batbayar, quality assurance department of National
Auditing Agency, S.Enkhbaatar, head of Compliance auditing department and Oyu
Tolgoi LLC officials led by executive director Armando Torres and others.
National Auditing agency is to review the Dubai financing
agreement for development of Oyu Tolgoi mine according to following article 15 of
Mongolian law on State Auditing:
1.2. To audit operations of legal entities that received
financing from state budget, contributes to budget revenue, fully or partially
owned by state;
1.20.To audit agreements, negotiations related to government
guarantee, loan and all types of financial obligations, including technical, financial
feasibility studies or investment agreements of projects to be fully or
partially funded by state budget;
1.8. To be audited and assessed if it is deemed necessary.
This auditing is initiated by resolution no.06 of the
Parliamentary standing committee in 2016 and the resolution no.03 passed in
2018. The auditing will cover following 2 topics: Actual investment in first
and second phases of Oyu Tolgoi project and estimation of investment and investment loan for shareholders, loan repayment status and expected to
continue throughout 2018-2019.
D.Khurelbaatar, state chief auditor stated the auditing will
be done according international auditing standard” auditing agencies to find
out about public expectation and depiction without reducing independence and
provide timely, suitable response” and will cooperate with professional consultancy,
research, engineering-technical teams based on factual information and
documents.
He pledged the auditing will be done within legal framework and
adhere to principle of providing accurate and correct information for public.
Armando Torres, executive director of Oyu Tolgoi LLC said he
will support the auditing operation and cooperate with auditors.
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