Bad Debt at Mongolian Bank Sours Credit Suisse, Abu Dhabi - Bloomberg:
"Mongolia sits atop so much mineral wealth -- an estimated $1.3 trillion in gold, copper, coal and iron ore -- that it’s sometimes called “Minegolia.” It’s among the world’s fastest-growing economies.
Even so, some of its bigger foreign investors want out.
The recent turmoil at Golomt Bank LLC, one of Mongolia’s biggest lenders, illuminates some of the reasons.
Credit Suisse Group AG and Abu Dhabi’s sovereign wealth fund invested in Golomt in the past half decade, seeking a share of the country’s promised bounty. Those hopes have soured amid allegations that one of Golomt’s owners arranged loans he didn’t report, hid defaults for years and, as the bank’s board called for probes, oversaw the destruction of financial records, according to documents reviewed by Bloomberg News."
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