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bne IntelliNews – Zasag Chandmani mining dispute is a litmus test for Mongolia

Maximilian Johnson, the younger half-brother of Britain’s prime minister, has run into trouble in Mongolia. He works for a Hong Kong-based fund GRF2 that invested $19mn along with several other big investors into the Zasag Chandmani multi-metal mine, but now the owner appears to have run off with most of the money.

The Mongolian police – the economic crimes and fraud squad – has investigated the case and found evidence of fraud, embezzling and money laundering by the mine’s owner, Buyantogtokh Dashdeleg, and two other senior managers at the mine, the CEO, Erdenebatkhaan and the CFO, Tsend-Ayush of the project company Zasag Chandmani Mines.

Arrest warrants were issued…

Read more…

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