Cabinet cancels ministerial ordinances regarding EMC

Ulaanbaatar /MONTSAME/ At the regular Wednesday meeting, the cabinet reviewed conclusions of the working group responsible for investigating the purchase of 49 percent shares of formerly joint ventures the Erdenet Mining Corporation and the MongolRosTsvetmet respectively. Afterwards, the associated ministers were tasked to adjust regulations and rules in a way to make sure the Government is quaranteed to exercise its 51 percent ownership authority in the management of the EMC and the MongolRosTsvetmet. The cabinet annulled the ordinances regarding the EMC, issued between June 2 and 29 of 2016 by the then-Minister of Finance. Also, the ministers resolved to publicize the notes and records from the cabinet meeting of June 13, when the decisions were made on purchase of EMC’s 49 percent. As per the decisions made on October 5, the Bank of Mongolia is to present a report of investigation in the financial resource, allocated from the commercial bank for procuring the shares.