ID :
179170
Sun, 05/01/2011 - 14:49
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Shortlink :
http://m.oananews.org//node/179170
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MONGOLIAN GOV'T WINS AGAINST "ALTAN DORNOD MONGOL" LLC
Ulaanbaatar, Mongolia, /MONTSAME/ An International Arbitration Court has reported it made a final decision on the case filed by the Russian invested "Altandornod Mongol" and "Vostokneftgaz" against the government of Mongolia.
In accordance with the arbitration's decision, the Russian invested companies have been lost their case against Mongolian Government in international arbitration court. These two companies have sought a penalty of USD1.6 billion from the Mongolia's government and the case lasted for three years. It was sounded by Ts.Nyamdorj, the Minister of Justice and Internal Affairs at a press conference held April 29 in Ulaanbaatar. Present at the press conference were G.Bayasgalan, the State Secretary of the Ministry; and T.Altangerel, head of the Ministry's Department of Regulation of Policy Implementation.
"Since transmitting into the market economy system, Mongolia has gained its third victory at the biggest cases," the Minister Ts.Nyamdorj has stressed at the press conference. According to him, 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 collects its massive debts owed by "Altandornod Mongol" according to the Laws of Mongolia and its 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".
The court has given a guideline to the "Altan Dornod" LLC to pay the debt to Mongolia in respect of the country's laws.
B.Khuder
In accordance with the arbitration's decision, the Russian invested companies have been lost their case against Mongolian Government in international arbitration court. These two companies have sought a penalty of USD1.6 billion from the Mongolia's government and the case lasted for three years. It was sounded by Ts.Nyamdorj, the Minister of Justice and Internal Affairs at a press conference held April 29 in Ulaanbaatar. Present at the press conference were G.Bayasgalan, the State Secretary of the Ministry; and T.Altangerel, head of the Ministry's Department of Regulation of Policy Implementation.
"Since transmitting into the market economy system, Mongolia has gained its third victory at the biggest cases," the Minister Ts.Nyamdorj has stressed at the press conference. According to him, 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 collects its massive debts owed by "Altandornod Mongol" according to the Laws of Mongolia and its 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".
The court has given a guideline to the "Altan Dornod" LLC to pay the debt to Mongolia in respect of the country's laws.
B.Khuder
