Sunday, August 17, 2014

Mongolia Brief August 15, 2014 Part III

Stock exchange news for August 15
By B. Khuder
Ulaanbaatar, August 15 (MONTSAME) At the Stock Exchange trades held Friday, a total of 6,627 shares of 12 JSCs were traded costing MNT 23 million 804 thousand and 090.00.

"Tavantolgoi” /4,083 units/, "Genco tour bureau” /1,000 units/, "Hermes center” /778 units/, "Mongolia Telecom” /318 units/ and "Aduunchuluun” /215 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Tavantolgoi” (MNT 21 million 268 thousand and 975), "Darkhan nekhii” (MNT 782 thousand), "Gobi” (MNT 553 thousand), "Mongolia Telecom” (MNT 492 thousand and 900) and "Aduunchuluun” (MNT 414 thousand and 125).
The total market capitalization was set at MNT one trillion 611 billion 092 million 244 thousand and 480. The Index of Top-20 JSCs was 16,028.55, increasing by MNT 128.44 or 0.81% against the previous day.

Monos Fails State Inspection
By D. Sergelen
August 17 (UB Post) Following the hospitalization of 16 children provided with excessive dosages of phenobarbital distributed at a Monos pharmacy, the nation’s largest pharmaceutical chain failed an inspection by the State Specialized Inspection Agency.
“We are officially to blame for the affected children and we have failed to do our job responsibly,” reported Monos in a statement to the press on Tuesday. Monos commented, “The medicine, phenobarbital, has been produced for over 50 years by Emiin Uildver LLC, and the pharmacist who compounded the medicine had one year of experience at Monos and passed the pharmacology license examination in 2013.”
The UB Post visited Monos Group but they refused an interview.
A pharmacist from Monos said that the State Specialized Inspection Agency and the Authority for Fair Competition and Consumer Protection of Mongolia are conducting inspections at all branches of Monos, but the Monos pharmacies are conducting normal operations.
The Authority for Fair Competition and Consumer Protection of Mongolia inspected branches at Tavan Shar and Sonsgolon. Some violations were discovered including the absence of a branch manager at one location, failure to label the cost of medications, the absence of instructions for use of medications, and pharmacists without professional certificates. They were also cited for selling non-health related products and toys. They products were gathered and confiscated. All 18 branches of Monos will be inspected according to the Law on Competition.
The State Specialized Inspection Authority is still conducting its inspection, so the Authority for Fair Competition and Consumer Protection has not allowed the closure of its branches at Tavan Shar and Sonsgolon. The negative side effects of high dosages of phenobarbital are often evident long after consumption. One pharmacist stated that children who ingest an overdose of phenobarbital are at risk of brain disorders and permanent disabilities.
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