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Growth Financial institution of Mongolia gave an replace on non-performing loans of the financial institution final Friday.
CEO of Growth Financial institution N.Manduul knowledgeable that as of February 24, about 50 billion MNT had been repaid to the financial institution. Over the previous month, the financial institution has been assessing and monitoring its non-performing loans. This work is about 75 p.c full, he mentioned.
A complete of 195 actual property buildings of non-performing debtors have been sealed, together with 44 service services price 52.4 billion MNT, seven factories price 1.9 billion MNT, 46 residences price 32 billion MNT, 82 plots of land price 26.6 billion MNT, 4 cellars price 2.3 billion MNT, three unfinished buildings price 656 million MNT, seven farms buildings price 228 million MNT and 6 garages price 564 million MNT.
Three firms are being monitored by the police. Different circumstances associated to the financial institution are being investigated by the Impartial Authority Towards Corruption (IAAC). Minister of Justice and Inner Affairs Kh.Nyambaatar promised to finish this work quickly.
Deputy CEO of the financial institution J.Erkhembaatar famous that the first court docket is reviewing 16 circumstances associated to non-performing loans. One case is pending on the appellate court docket and 6 circumstances on the supervisory court docket. In particular, Growth Financial institution has filed lawsuits price 750 billion MNT in opposition to 16 firms that did not repay their loans on time. The identities of one other 17 debtors with non-performing loans price 1.6 trillion MNT have been disclosed earlier this month.
The longest-running case involving Mongol Drain Milk LLC has been unresolved for 886 days on the Sukhbaatar District Civil Courtroom. In addition, the Khan-Uul District Courtroom hearings associated to Erel Firm’s lawsuit have been postponed a number of instances, J.Erkhembaatar underscored.
The financial institution consultant continued, “Mortgage holders say they’ve constructed a big manufacturing unit that will make a priceless contribution to Mongolia’s prosperity. However it is a personal enterprise. Solely the businesses are benefiting. They complain that they arrange a manufacturing unit for Mongolia however Growth Financial institution has confiscated it and is making an attempt to close it down. Nevertheless, debtors didn’t pay the principal and curiosity for 1,000 to 1,200 days. Due to this fact, this difficulty can’t be resolved by the use of mutual settlement between the borrower and lender.”
“As an illustration, Credos Firm has already obtained a mortgage from the financial institution to construct a protein plant. It’s mentioned {that a} small outfitted manufacturing unit was inbuilt a indifferent home at a price of greater than 20 billion MNT. Nevertheless, it’s estimated that it was constructed at a price of about 6 billion MNT. The firm invested the remainder of the cash in a jewellery enterprise and purchased an costly automotive. After spending the mortgage cash on this unethical method and utilizing it for a distinct goal, some debtors are giving numerous excuses, reminiscent of blaming impacts of the COVID-19 pandemic,” the J.Erkhembaatar pressured.
Furthermore, debtors are asking the financial institution to launch confiscated properties in order that they will promote their collateral and repay their loans. Growth Financial institution is open to such proposals, CEO of Growth Financial institution N.Manduul mentioned.
Prime Minister L.Oyun-Erdene instructed the related officers to fully change members of the Board of Administrators of Growth Financial institution. In reference to this, the financial institution has determined to dismiss greater than 20 officers who might have been irresponsible of their work and been influenced by debtors with non-performing loans.
Former administrators of Growth Financial institution N.Munkhbat and B.Batbayar, deputy administrators N.Munkhbayar and B.Choijiljalbuu, and director of Altai Building Kh.Bat-Erdene have been detained by legislation enforcement our bodies.
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