B.JAVKHLAN: THE DECISION TO BUY 49% OF EMC IS NOW A BIG STEP CLOSER TO COMPLETION

Ulaanbaatar /MONTSAME/. During the press conference held on August 24 to present the decisions made at the regular Cabinet meeting, Minister of Finance B.Javkhlan gave some information about Parliamentary Resolution No. 23 of 2017.

 

He said, "In order to ensure the implementation of the Parliamentary Resolution No. 23 of 2017, or the resolution to settle debts related to 49 percent shares of Erdenet Mining Corporation (EMC) through mutual deduction and negotiation, the following decision was made at today’s Cabinet meeting.

 

Last June, a decision was made by the Cabinet to mutually deduct MNT 168 billion. For this time, the Cabinet resolved to deduct MNT 480 billion from the Bank of Mongolia’s receivables from the Trade and Development Bank. It means that the government has approved mutual deductions of about MNT 580 billion

 

As a result, the resolution of the Parliament of Mongolia to make EMC 100 percent state-owned has been fully implemented. In other words, the decision to acquire 49 percent of EMC is now a big step closer to completion".

 

“Law enforcement and supervisory bodies worked very well to achieve today's results. In particular, I would like to emphasize that the IAAC provided legal opportunities in a short period of time”, added the Minister.

 

Source: https://montsame.mn/en/read/302665