Ts.Myanganbayar is under investigation

Jan 8 • Banking, Companies, Mining • 999 Views • No Comments on Ts.Myanganbayar is under investigation

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Mr. Ts.Myanganbayar, former President of Mongol Gazar LLC with nickname of “Gold Magnate”, is under investigation from January 5 2010. His main charges are frauds in submitting loan application to the recently bankrupted commercials banks, Anod and Zoos, using his “Mongol Gazar Holding” and other 60 subsidy companies.

His total debt to banks is over 20 billion MNT, excluding USD debts. According to the state officials and inspectors, he was the main contributor of bankrupting the State Bank, former Zoos Bank.

Mr. Ts.Myanganbayar is charged for spending the loan for the different purposes, say officials of the Department of Economic Crime of the State Investigation Authority. He was not questioned yet, but he might be detained if necessary.

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