Director of Development bank’s subsidiary company interrogated for bank’s case
Last September, D.Enkhbayar, director of Darkhan Leather Complex LLC, was detained and investigated on the grounds that he may have misappropriated the loan from the Development Bank of Mongolia (DBM) and laundered the money. As connected with the case, Director of DBM Asset Management securities company, its subsidiary company, D.Bolormaa was found guilty during investigation by the Independent Authority Against Corruption (IAAC) and will be indicted. Last week, the IAAC transferred 12 of 798 criminal cases that were investigated to the prosecutor’s office for indictment, including the case of the director of DBM Asset Management securities company. In 2019, Asset management company took a loan of 15 billion MNT from the Development Bank.
The Darkhan Leather Complex Park project was decided to be implemented in 2017, and the Darkhan Industrial Park local-owned LLC was established. As the director of the project unit the director of the Investment Department of the Development Bank at that time D.Enkhbayar was employed. It then received an investment of 15 billion MNT from the subsidiary company of the Development Bank, DBM Asset Management securities company, in the project of the Leather Complex. The former executive director of DBM Asset Management securities company D.Bolormaa, has been accused of abusing her authority and giving advantage to others and causing damage to the Development Bank by issuing the loan.