Mongol Bank asked to improve internal monitoring

An audit was recently made of the status, quality, and effect of the implementation of the Mongol Bank’s 2009 Financial Report, and of the information the Bank provides to Parliament and the public. The report of the audit, as presented at a recent meeting of the Monitoring Council of the Central Bank, makes the following points, among others.



Internal monitoring is superficial, with no definite study or analysis. Discrepancies are not pursued or reconciled. Both the management and methodology have to be improved.



Substantive measure should be taken immediately to recover MNT27.7 billion from four gold mining companies -- Mongol Gazar, Erdes, Monpolimet, and Khailaast.



The recommendations contained in the audit report must be fully implemented. by the first quarter of 2011.



More detailed, accurate, relevant and meaningful information has to be provided to both Parliament and the public.



A quarterly report on status of debts and receivables, identifying officials responsible for recovery of loans, must be submitted to the Monitoring Council.

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