Thursday, February 13, 2014

Mongolia’s Golomt Affirms Governance After ’Misleading’ Reports

Mongolia’s Golomt Bank LLC does not have any shareholders seeking loan repayments, according to a press release from the bank.

In a response to “misleading and false allegations” in recent press articles, Golomt said its corporate governance is sound. The bank did say it is in a legal dispute with Stanhope Investments involving a $25 million loan, which represents about 1 percent of its assets and does not affect its financial health. Golomt said it is confident it can resolve the dispute “swiftly and amicably.”

Bloomberg News and Reuters have reported on disputes at the bank involving Credit Suisse Group AG (CSGN) and Abu Dhabi’s sovereign wealth fund. In its release today, Golomt said it has “no obligation with Credit Suisse, whether in the form of loans or otherwise.”

Credit Suisse and Stanhope, a unit of the Abu Dhabi fund, invested in Golomt in the past half decade. Both are seeking the return of loans and have engaged in arbitration proceedings over loans to the lender, Bloomberg reported on Feb. 5.

A spokesman for Credit Suisse couldn’t be reached for comment.

To contact the reporters on this story: Peter Langan in Tokyo at; Yuriy Humber in Tokyo at
To contact the editors responsible for this story: Jason Rogers at; John Liu at

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