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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment

Abu Dhabi investor seeks to exit Mongolia bank after governance row

Posted on 31 January 2014

A foreign investor has moved to sever ties with Mongolia’s largest private lender, Golomt Bank, because of its concerns over the lender’s weak corporate governance standards, according to documents and a source familiar with the matter.
The Abu Dhabi Investment Council (ADIC), which lent Golomt $25 million in 2010, is seeking to call in the loan after a turbulent 15 months inside the bank, in which auditors identified serious management failings, according to the source and an external audit report reviewed by Reuters………………………………………..Full Article: Source


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