Tokyo court blocks Mongolian company’s real estate purchase

Jan 24 • Featured, News, Politics, Real Estate • 3104 Views • No Comments on Tokyo court blocks Mongolian company’s real estate purchase

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Last year, a news struck Japan and then Mongolia that a Mongolian company Avar LLC is bidding on an auctioned building that is located in Chiyoda special ward in Tokyo metropolitan area. The company had won the bid after a Japanese Buddhist temple failed to pay its 4 billion yen winning bid. It has been said that the Mongolian company was going to buy the building for 5 billion yen if the Tokyo court hadn’t blocked the purchase today.

The main concern for Japan is that Chongryon – the only organization representing North Korea is located in the building. Mongolian company is said to be buy the building and the area for further development using the land. However, Tokyo court decided that the company failed to convince the court of their legitimacy.

Mongolia is one of the few countries that has friendly relations with North Korea. Mongolian President Ts.Elbegdorj visited the country last October giving lectures in the state’s biggest university and meeting the “number two” of the country. While Japan and North Korea has never ending tension Mongolia had a proven ambition to facilitate and broker the nuclear talks between the countries. It seems like one country’s ambition in international blocked its business activities abroad. A Mongolian General named T.Dashdeleg has also been under investigation for attempting to sell fighter jet parts for USD1.5 million to North Korea.

Mongolian travel companies organize 1-week tours to North Korea for around USD2000 and the travellers often reminisce the resembles of the country with Mongolia back in 1980’s.

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