Since almost a year ago, there were rumors were haunting media that Golomt Bank owners were going to split. Such rumors were extinguished instantly or removed immediately after the broke-out. from media. Recently, Foreign Minister and MP L.Bold (@boldlu), one of the major shareholders of Golomt Bank, revealed his frustration through his twitter account, publishing his lawyer’s letter to the President of Mongolbank, which clearly describes the situation at Golomt Bank and some other images of demolished office room of his representative at the bank’s office.
The letter said that the bank failed to hold annual shareholders’ meeting and under such case, according to the provision 59.4 of the Company Law of Mongolia “Shareholders’ Meeting shall be held within 4 months after the financial year closes. If it fails the Board of Directors’ responsibility ends except summoning the Shareholder’s meeting.” Lawyer of Bold requested Mr. Zoljargal, President of Mongolbank to use forceful measures such as “to suspend or dismiss the executive power of the bank”, in accordance with the provision 43 of the Banking Law of Mongolia.