Mongolian Government Wins in Court Against “Altandornod Mongol”
Russian invested “Altandornod Mongol” and “Vostokneftgaz” has lost their case against Mongolian Government in international arbitration court. These two companies has sought a penalty of $1.6 billion USD from Mongolian Government and the case lasted for three years and the decision was final, according to Justice and Internal Affairs Minister Ts.Nyamdorj in today’s press conference.
He said it was decided “100 percent in favor of Mongolian Government and 169 pages deliberation was sent via email yesterday night”. The dispute involved 68 percent windfall tax law and the court decided that Mongolian will not bear any responsibility in relation to this and the court issued decision that Mongolia collect its massive debts owed by “Altandornod Mongol” according to Mongolian laws and regulations. The Minister said that this decision is “giving a signal to foreign companies and investors they must follow Mongolian laws and regulations and shows that any dispute can be solved by Mongolia’s own regulations and laws”. Separately, Khan Resources had made a complaint in an international court also seeking damage compensation from Mongolian Government.
He said it was decided “100 percent in favor of Mongolian Government and 169 pages deliberation was sent via email yesterday night”. The dispute involved 68 percent windfall tax law and the court decided that Mongolian will not bear any responsibility in relation to this and the court issued decision that Mongolia collect its massive debts owed by “Altandornod Mongol” according to Mongolian laws and regulations. The Minister said that this decision is “giving a signal to foreign companies and investors they must follow Mongolian laws and regulations and shows that any dispute can be solved by Mongolia’s own regulations and laws”. Separately, Khan Resources had made a complaint in an international court also seeking damage compensation from Mongolian Government.
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