Ulaanbaatar
Government declassifies documents regarding privatization of 49 percent shares of Erdenet Mining Corporation
Politics
Ulaanbaatar/MONTSAME/ On February 27, the Government made a decision to declassify the minutes of Cabinet meeting of which the privatization of 49 percent shares of the Erdenet Mining Corporation (EMC) was discussed and other related documents.
Head of the Cabinet
Secretariat of Government L.Oyun-Erdene reported press about the decision. In
his report, Mr. Oyun-Erdene pointed out that the Government did not accuse a
transfer of 49 percent shares of the EMC into a Mongolian private company.
Most importantly, documents which can prove a hypothesis that the state property might be illegally purchased by state money are becoming available to the public, said Mr. Oyun-Erdene.
He also gave some information concerning how Mongolian Copper Corporation (MCC) raised its funding, who were owners of the companies that partnered for the deal, as well as how many transactions were made from the Bank of Mongolia, the Ministry of Finance and the Development Bank of Mongolia and in what ways.
Mr.Oyun-Erdene underscored
that the minutes of Cabinet meeting of that particular period evidenced the
connection between the Trade and Development Bank and MCC.
“On this matter, Parliament made a resolution No:23 on taking 49 percent shares of the EMC back to state ownership. However, MCC proceeded against the government at court and the government lost. One of seven reasons that led the government to lose at the trial was a provision, reading “Trade and Development Bank and MCC are irrelevant.” According to the declassified documents, at the Cabinet meeting of which the issue on transfer of EMC shares discussed some officials were expressing that the abovementioned two companies are financially and administratively interrelated,” he said.
After introducing the issue to the
Meeting of National Security Council and having relevant recommendations issued,
the declassified documents will be available to the public.
