‘There was no record of when and how 888 project lists were submitted’

The advert hoc committee accountable for reviewing the implementation of tasks and applications financed by Growth Financial institution of Mongolia, outcomes, mortgage issuance and compensation progress, organized the third proof evaluation public listening to from March 13 to 17 on the State Palace.

On the listening to on March 16, three units of loans granted by way of industrial banks was mentioned, and 78 witnesses had been referred to as in reference to the tasks. In particular, 888 manufacturing tasks to help exports and substitute imports had been reviewed.

Chairman of the advert hoc evaluate committee of Growth Financial institution B.Enkhbayar introduced the final opinion on the mortgage of Bishrelt Group.

Through the listening to, the analyst mentioned, “A complete of 888 lists had been delivered by the Growth Financial institution to industrial banks in April 2014. There was no file of which working group, when and the way this checklist was submitted. Who submitted the checklist of 888 tasks based on what standards? Subsequently, no conclusions may be drawn. The related ministry ought to have the knowledge on what proportion of exports had been added and what number of imports had been changed, however the ministry didn’t submit the knowledge.”

Growth Financial institution defined, “From the tasks applied between 2014 and 2020, loans had been issued by way of 9 banks associated to 888 applications. To date, all however Capital Financial institution repaid their loans. For Capital Financial institution, the mortgage of 26 billion MNT was unpaid in reference to this challenge. Final yr, Capital Financial institution mortgage was paid off with actual property. In the meantime, these loans weren’t monitored and inspected at the moment. When trying on the info associated to mortgage analysis and evaluation, the Growth Financial institution solely targeted on the compensation of business banks.”

“Export promotion program 888 loans are divided into two elements: two billion MNT or much less. For tasks over 2 billion MNT, industrial banks got 5 p.c curiosity and additional 9 p.c curiosity. The supply is a joint supply with Credit score Suisse financial institution. Within the contract, it was said that Growth Financial institution has the correct to demand the supplies to verify whether or not the borrower has used the mortgage as supposed, and if needed, to monitor the expenditure and withdraw the funds. The archives of the Growth Financial institution had been looked for a complete yr. No such factor has been discovered but. There are reviews made in 2018 and 2019. No different reviews,” the financial institution famous.

Parliamentarian B.Enkhbayar mentioned, “Mongol Meat Expo LLC obtained a direct mortgage of 31 billion MNT for the development of a meat processing middle, and Mongol Em Impex Concern LLC obtained a mortgage of seven.2 billion MNT for the building of a manufacturing facility of strong tablets and liquid drops. Unico LLC obtained a mortgage of seven.2 billion MNT for the Polypropylene pipe manufacturing challenge, Everlasting Commerce LLC obtained a mortgage of 5 billion MNT for the cashmere challenge, and New Danista Row and Development LLC additionally obtained a mortgage of three.7 billion MNT for the Panel Furnishings Manufacturing unit challenge. Karakum LLC obtained a mortgage of two billion MNT for the meat processing plant challenge, and Yalguun Worldwide LLC obtained a mortgage of 1.9 billion MNT for the development of a lime plant. A complete of 59.085 billion MNT loans had been obtained immediately from the Growth Financial institution and from industrial banks.”

Within the second proof evaluation listening to, the utilization, expenditure and outcomes of loans granted to 355 tasks and measures with the situation of compensation from the state price range had been reviewed. In the meantime, in the course of the first listening to, which lasted till January 20, the spending of 77 loans immediately granted by Growth Financial institution was heard intimately, consultants’ opinions had been reviewed and the related witnesses had been requested.