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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.44

-0.2%

Dec 19 4:00 PM EST

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To: Phil Jones who wrote (3282)	3/25/1999 5:28:00 PM
From: Dave R. Webb	Read Replies (1) of 4066

No one that I have spoken to can say how long the court can take to decide, however, we had been told 13 days ago that the decision was expected shortly. I suppose I should have got a clearer definition of shortly. Mongolia has a very young corporate legal system, particularly as it deals with banking laws. There is little to no case law that judges can rely on for precedence. There is also undoubtedly some political considerations, and to what extent the courts let it influence them is unknown. MGR is not directly involved, and superficially it is a case between the Mongolian Government's Trade and Development Bank and Mongolyn Alt Corporation. The default on a US$3 million is an issue, but likely not the only issue. Banks require credibility in the eyes of the people and Government of Mongolia. The current government itself came into being because of an earlier banking issue, which became a very visible concern not only to the country, but to the IMF and World Bank. Mongolia is hosting a donor nation conference soon, and all donors, foreign direct investment, and other aid moneies will be aware of Mongolia's position and track record. It would be naive to think that there are no other issues regarding the TDB and MAC court case. We're watching and waiting. Dave

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