Ulaanbaatar
Development Bank’s former director arrested
PoliticsUlaanbaatar /MONTSAME/ Former director of the Development Bank (DB) of Mongolia N.Munkhbat and some other officials have been under investigation of the Anti-Corruption Agency, being accused of abusing their official positions to prodigalizing the government budget funding and improper expenditure of Chinggis and Samurai bond revenues.
N.Munkhbat has been arrested under the articles 150.3 and 265.2 of the Criminal Law: Misappropriation or embezzlement of property, if it has caused damage in an extremely large amount shall be a subject to punishment of imprisonment for a term of more than 5 to 10 years with confiscation of property; and Abuse of authority by an official by providing privileges to an NGO or a business entity for a mercenary purposes , if it has caused damage in a large amount shall be punishable with imprisonment for a term of 2 to 5 years with or without deprivation of the right to hold specified positions or engage in specified business for a term of up to 3 years.
