Business Council of Mongolia

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Updated: 2 years 16 weeks ago

BCM supports passing of the Draft Securities Law in this Parliament Session

Wed, 2012-01-11 00:00
We are forwarding the attached Open Letter with Mongolian translation (non-official) from Mr. Bill Gorman who has completed his assignment at the MSE for the London Stock Exchange. BCM strongly supports the passing of the draft Securities Law in this session of Parliament.  The MSE's development urgently requires this legislation on a timely basis. Dear Ministers, Government officials and others interested in the Mongolian Securities Market's modernization, As I depart Mongolia, I feel duty bound to state that I strongly believe that successful and timely privatization of Erdenes Tavan Tolgoi (ETT) is dependent upon a proper Securities Markets law being promulgated by the current Parliament. My rationale is noted below. I have taken the liberty of copying those parties who have expressed interest in the draft law.

Read more...

Categories: News

BCM supports passing of the Draft Securities Law in this Parliament Session

Wed, 2012-01-11 00:00
We are forwarding the attached Open Letter with Mongolian translation (non-official) from Mr. Bill Gorman who has completed his assignment at the MSE for the London Stock Exchange. BCM strongly supports the passing of the draft Securities Law in this session of Parliament.  The MSE's development urgently requires this legislation on a timely basis. Dear Ministers, Government officials and others interested in the Mongolian Securities Market's modernization, As I depart Mongolia, I feel duty bound to state that I strongly believe that successful and timely privatization of Erdenes Tavan Tolgoi (ETT) is dependent upon a proper Securities Markets law being promulgated by the current Parliament. My rationale is noted below. I have taken the liberty of copying those parties who have expressed interest in the draft law.

Read more...

Categories: News

BCM supports passing of the Draft Securities Law in this Parliament Session

Wed, 2012-01-11 00:00
We are forwarding the attached Open Letter with Mongolian translation (non-official) from Mr. Bill Gorman who has completed his assignment at the MSE for the London Stock Exchange. BCM strongly supports the passing of the draft Securities Law in this session of Parliament.  The MSE's development urgently requires this legislation on a timely basis. Dear Ministers, Government officials and others interested in the Mongolian Securities Market's modernization, As I depart Mongolia, I feel duty bound to state that I strongly believe that successful and timely privatization of Erdenes Tavan Tolgoi (ETT) is dependent upon a proper Securities Markets law being promulgated by the current Parliament. My rationale is noted below. I have taken the liberty of copying those parties who have expressed interest in the draft law.

Read more...

Categories: News

December, 2011 Issues

Fri, 2012-01-06 13:14
Please click on the PDF link below to view each of the December, 2011 BCM NewsWire issues. 

BCM NewsWire Issue 196
BCM NewsWire Issue 197 
BCM NewsWire Issue 198 
BCM NewsWire Yearender 2011 
Categories: News

December, 2011 Issues

Fri, 2012-01-06 13:14
Please click on the PDF link below to view each of the December, 2011 BCM NewsWire issues. 

BCM NewsWire Issue 196
BCM NewsWire Issue 197 
BCM NewsWire Issue 198 
Categories: News

December, 2011 Issues

Fri, 2012-01-06 13:14
Please click on the PDF link below to view each of the December, 2011 BCM NewsWire issues. 

BCM NewsWire Issue 196
BCM NewsWire Issue 197 
BCM NewsWire Issue 198 
BCM NewsWire Yearender 2011 
Categories: News

December, 2011 Issues

Fri, 2012-01-06 13:14
Please click on the PDF link below to view each of the December, 2011 BCM NewsWire issues. 

BCM NewsWire Issue 196
BCM NewsWire Issue 197 
BCM NewsWire Issue 198 
BCM NewsWire Yearender 2011 
Categories: News

BCM Monthly Meeting recap- Dec 12, 2011

Thu, 2011-12-22 11:47
The meeting on 12 December with Laurenz Melchers in the chair was attended by 65 members and invited guests. Melchers announced the upcoming Coal Mongolia 2012 conference to be held on 9-10 February. The BCM 2012 membership drive now stands at 160 members as renewals ramp up. Those recently joined as new members are: 1.Hogan Lovells – This law firm helps corporations, financial institutions, and governmental entities with critical business and legal issues globally and locally. The firm has been involved in Mongolia since its peaceful democratic revolution in 1990 when one of its partners visited Ulaanbaatar as a member of a delegation of consultants to advise the government on legal reform. Since then, Hogan Lovells has acted for clients on diverse foreign direct investment and merger and acquisition (M&A) projects in the mining, energy, infrastructure, and other sectors. It also has worked with the domestic firm GTs Advocates since 2007, and in June 2010 the two firms entered into an association agreement to establish Hogan Lovells as the first global firm with a permanent presence in Mongolia. It established an office in Ulaanbaatar on 1 October. 2. Altai Holding – Now a major investment and conglomerate company of Mongolia, Altai was established in 1991 as Altai Trading LLC and started its business during market economy transition period. Since then the company has expanded its business and invested in diversified areas such as retail sales, hospitality, information technology, telecommunication, and finance. Employing 700 employees through its subsidiary companies, Altai is considered a major contributor to Mongolia’s economy. Its main businesses are Altai Cashmere, Chinggis Khaan Hotel, and Sky Trading. Its majorinvestments are Skytel and Telemax. 3. Asia Pacific Investment Partners (APIP) – Founded in 2001, this investment firm focuses on pursuing economic opportunities in Mongolia. APIP is behind a number of Mongolia-based companies in five key industries with growth potential in Mongolia: property, natural resources, securities, construction, and construction materials. The management team features a unique, on-the-ground mix of local and international experience from a variety of backgrounds. The company works primarily with small investors, high-net-worth individuals, and a select group of corporate investors. 4. Asia Pacific Securities – formerly Altan San Securities, this company is one of the oldest brokerage firms in Mongolia with an experience in the market for over 15 years. It is a subsidiary of APIP. The firm offers an array of financial services to the marketplace, and acts as a bridge between overseas investors and the Mongolian financial market. The firm has offices in Ulaanbaatar, Tsetserleg Sum, Arkhangai Aimag, and Bayankhongor Sum. It also has global representatives in Hong Kong, London, the United Kingdom, and Denver, USA. 5. Mongolian Properties – This real estate firm first set out in 2002 to meet the growing needs of the foreign and domestic clients searching for the rental and purchase of properties in Mongolia. While the firm is primarily engaged in assisting clients in Ulaanbaatar, it has also assisted firms outside the capital. Founded by Asia Pacific Investment Partners, the company publishes the Mongolian real estate guide on a quarterly basis. The company also works closely with overseas relocation companies and primarily caters to large organizations with housing needs. 6. MMREC was established in 2010 to provide high quality, precise service to the mining and engineering sector in Mongolia. As a subsidiary of Maison Global, the firm provides engineering expertise to its customers. Services include lump sum EPC and construction, turn-key construction services, international trade of equipment and bulk materials, financing support. 7. Integrated Service Solutions Mongolia (ISSM) – This firm aims to offer its proven and comprehensive camp management approach, which is unique in the petroleum and military sectors. The group is led by a team of executives with experience in supporting military and commercial clients globally. ISSM works together with Ecolog and capitalizes on the latter’s experience and capabilities to bring additional services. These include life support and food service operations, subsistence procurement and supply-chain management, manpower supply, and operations and management of facilities. 8. RSC Mongolia – This service company is an employee-owned company that established Mongolian Mineral Properties in 2011 to bridge the gap between Mongolian mineral license holders and the international exploration and mining companies seeking to partner with or acquire interests within Mongolia. RSC also provides assistance with establishing foreign invested companies; and immigration requirements, including visa applications, letters of invitation, and technical services. 9. Akica Group – With over 15 years experience working with the Mongolia government, Akica identifies and develops opportunities in support of Mongolia’s emerging economy. It works closely with key contacts in government, understanding the needs of the country and the financial opportunities it offers. The firm works with strategic and financial partners to make these new projects operational and profitable. 10. IARUDI – Based in Ulaanbaatar, this company has key business division with IARUDI Consulting, IARUDI Human Capital, IARUDI Blue Sky Enterprises, and IARUDI Capital. The company provides services across a range of areas to its international clients already in Mongolia, those trying to enter Mongolia, and domestic businesses expanding their footprint internationally. IARDUI Consulting is based in Central Tower where it provides accounting and compliance services to foreign clients operating or looking to enter the local marketplace, and Mongolian companies looking to expand or list on international stock exchanges. 11. Grata Mongolia – Grata is a leading law firm in Central Asia and the Caspian region with more than 90 lawyers and a network of branches. In Mongolia it advises foreign business organization and individuals on wide ranging matters of law and legislation.  It is also trying to make a difference to contribute towards the process of integrating Mongolian legislative, judicial and executive branches of the government system with the best practices international jurisdictions can offer. 12. A&A Global – Partners of this Ulaanbaatar-based law firm organized as Young Lawyers “Senator” group in 1997 and have been working together to provide legal consultation and services, and support education in law and training. Its partners and advocates have at least 10 years experience in areas such as mining and corporate law. It currently has about 20 partners and provides legal and advisory services in business services, property, private clients, foreign citizens, civil litigation, criminal litigation, and administrative litigation. 13. Buman-Olz - This firm has operations concerning mining exploration and exploitation at the Khuut coal deposit; construction and the production of materials for the housing project at Dornod Aimag; Restaurant and hotel services at various establishments in Dornod Aimag; road construction; regional and international transportation; and agriculture and livestock breeding within 4,656 hectares of land in Khalkgoi Sum.  Its branch and daughter companies include East Palace branch in Dornod Aimag, Bumanlogistics LLC, and Buman Trans LLC. The evening continued with a presentation entitled “Internal Audit: Role and Functions in Corporate Governance” by Scott Hansen, Manager of Internal Audit of Oyu Tolgoi. Hansen described internal audit as an independent objective assurance, and consulting activity designed to add value and improve an organization’s operations. It helps to accomplish objectives and mitigate risks. The benefits of internal auditing include a diagnosis of the health of a company’s internal control system, identify the root cause of problems and help develop solutions, better allocate resources, identify unknown problems, and facilitate continuous improvement. Internal audit involves two major processes: Internal control and internal audit. Internal controls are a systematic measure to mitigate business risk and help achieve corporate goals and objectives, while audit is an independent process to provide an assessment of the internal control environment. Internal audit is meant to review efficiency of operations; reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and maintaining compliance with laws and regulations. The process ends with a report that will hopefully direct the company towards more efficiency and effective operations. Next R. Lkhagvasurven, a researcher at the Economic Policy & Competitiveness Research Center, spoke about his organization in his presentation “Competitiveness Capabilities of Mongolia.” Established in 2010 by a consortium for economic growth, the EPRC provides services for economic policy education, analysis, and reports. It cooperates with various non-government organizations and domestic institutions to develop an enhanced business climate in Mongolia. Last March it released a booked with essays about adapting various economic theories in Mongolia by U.S. and European authors. Through its research, the organization has learned that Mongolia is weakest in infrastructure and transportation. To help improve this, it is looking for ways to grant greater access, organize debates, finding ways to liberalize the Mongolian market, and organize workshops. However, it also found Mongolia's greatest strengths are in its political framework, gender equality, and stability. Finally, Barry Evans of Churchill introduced his Training System Development, a program for quality assurance in food safety. The group’s objective is to enhance the private sector and educate businesses.  The pilot program has indicated a high need for this sort of work. As it stands one out of every four people in Mongolia will at some point suffer from food poisoning. The first priority is to provide training for internal auditing. This includes food safety for manufacturing, hazard analysis, and lead auditor training. So far, the program is responsible for training between 215 and 230 Mongolians, engaging the private sector, encouraging state auditors to apply to international standards, improving supply chains, and setting health and safety goals.
Categories: News

BCM Monthly Meeting recap- Dec 12, 2011

Thu, 2011-12-22 11:47
The meeting on 12 December with Laurenz Melchers in the chair was attended by 65 members and invited guests. Melchers announced the upcoming Coal Mongolia 2012 conference to be held on 9-10 February. The BCM 2012 membership drive now stands at 160 members as renewals ramp up. Those recently joined as new members are: 1.Hogan Lovells – This law firm helps corporations, financial institutions, and governmental entities with critical business and legal issues globally and locally. The firm has been involved in Mongolia since its peaceful democratic revolution in 1990 when one of its partners visited Ulaanbaatar as a member of a delegation of consultants to advise the government on legal reform. Since then, Hogan Lovells has acted for clients on diverse foreign direct investment and merger and acquisition (M&A) projects in the mining, energy, infrastructure, and other sectors. It also has worked with the domestic firm GTs Advocates since 2007, and in June 2010 the two firms entered into an association agreement to establish Hogan Lovells as the first global firm with a permanent presence in Mongolia. It established an office in Ulaanbaatar on 1 October. 2. Altai Holding – Now a major investment and conglomerate company of Mongolia, Altai was established in 1991 as Altai Trading LLC and started its business during market economy transition period. Since then the company has expanded its business and invested in diversified areas such as retail sales, hospitality, information technology, telecommunication, and finance. Employing 700 employees through its subsidiary companies, Altai is considered a major contributor to Mongolia’s economy. Its main businesses are Altai Cashmere, Chinggis Khaan Hotel, and Sky Trading. Its majorinvestments are Skytel and Telemax. 3. Asia Pacific Investment Partners (APIP) – Founded in 2001, this investment firm focuses on pursuing economic opportunities in Mongolia. APIP is behind a number of Mongolia-based companies in five key industries with growth potential in Mongolia: property, natural resources, securities, construction, and construction materials. The management team features a unique, on-the-ground mix of local and international experience from a variety of backgrounds. The company works primarily with small investors, high-net-worth individuals, and a select group of corporate investors. 4. Asia Pacific Securities – formerly Altan San Securities, this company is one of the oldest brokerage firms in Mongolia with an experience in the market for over 15 years. It is a subsidiary of APIP. The firm offers an array of financial services to the marketplace, and acts as a bridge between overseas investors and the Mongolian financial market. The firm has offices in Ulaanbaatar, Tsetserleg Sum, Arkhangai Aimag, and Bayankhongor Sum. It also has global representatives in Hong Kong, London, the United Kingdom, and Denver, USA. 5. Mongolian Properties – This real estate firm first set out in 2002 to meet the growing needs of the foreign and domestic clients searching for the rental and purchase of properties in Mongolia. While the firm is primarily engaged in assisting clients in Ulaanbaatar, it has also assisted firms outside the capital. Founded by Asia Pacific Investment Partners, the company publishes the Mongolian real estate guide on a quarterly basis. The company also works closely with overseas relocation companies and primarily caters to large organizations with housing needs. 6. MMREC was established in 2010 to provide high quality, precise service to the mining and engineering sector in Mongolia. As a subsidiary of Maison Global, the firm provides engineering expertise to its customers. Services include lump sum EPC and construction, turn-key construction services, international trade of equipment and bulk materials, financing support. 7. Integrated Service Solutions Mongolia (ISSM) – This firm aims to offer its proven and comprehensive camp management approach, which is unique in the petroleum and military sectors. The group is led by a team of executives with experience in supporting military and commercial clients globally. ISSM works together with Ecolog and capitalizes on the latter’s experience and capabilities to bring additional services. These include life support and food service operations, subsistence procurement and supply-chain management, manpower supply, and operations and management of facilities. 8. RSC Mongolia – This service company is an employee-owned company that established Mongolian Mineral Properties in 2011 to bridge the gap between Mongolian mineral license holders and the international exploration and mining companies seeking to partner with or acquire interests within Mongolia. RSC also provides assistance with establishing foreign invested companies; and immigration requirements, including visa applications, letters of invitation, and technical services. 9. Akica Group – With over 15 years experience working with the Mongolia government, Akica identifies and develops opportunities in support of Mongolia’s emerging economy. It works closely with key contacts in government, understanding the needs of the country and the financial opportunities it offers. The firm works with strategic and financial partners to make these new projects operational and profitable. 10. IARUDI – Based in Ulaanbaatar, this company has key business division with IARUDI Consulting, IARUDI Human Capital, IARUDI Blue Sky Enterprises, and IARUDI Capital. The company provides services across a range of areas to its international clients already in Mongolia, those trying to enter Mongolia, and domestic businesses expanding their footprint internationally. IARDUI Consulting is based in Central Tower where it provides accounting and compliance services to foreign clients operating or looking to enter the local marketplace, and Mongolian companies looking to expand or list on international stock exchanges. 11. Grata Mongolia – Grata is a leading law firm in Central Asia and the Caspian region with more than 90 lawyers and a network of branches. In Mongolia it advises foreign business organization and individuals on wide ranging matters of law and legislation.  It is also trying to make a difference to contribute towards the process of integrating Mongolian legislative, judicial and executive branches of the government system with the best practices international jurisdictions can offer. 12. A&A Global – Partners of this Ulaanbaatar-based law firm organized as Young Lawyers “Senator” group in 1997 and have been working together to provide legal consultation and services, and support education in law and training. Its partners and advocates have at least 10 years experience in areas such as mining and corporate law. It currently has about 20 partners and provides legal and advisory services in business services, property, private clients, foreign citizens, civil litigation, criminal litigation, and administrative litigation. 13. Buman-Olz - This firm has operations concerning mining exploration and exploitation at the Khuut coal deposit; construction and the production of materials for the housing project at Dornod Aimag; Restaurant and hotel services at various establishments in Dornod Aimag; road construction; regional and international transportation; and agriculture and livestock breeding within 4,656 hectares of land in Khalkgoi Sum.  Its branch and daughter companies include East Palace branch in Dornod Aimag, Bumanlogistics LLC, and Buman Trans LLC. The evening continued with a presentation entitled “Internal Audit: Role and Functions in Corporate Governance” by Scott Hansen, Manager of Internal Audit of Oyu Tolgoi. Hansen described internal audit as an independent objective assurance, and consulting activity designed to add value and improve an organization’s operations. It helps to accomplish objectives and mitigate risks. The benefits of internal auditing include a diagnosis of the health of a company’s internal control system, identify the root cause of problems and help develop solutions, better allocate resources, identify unknown problems, and facilitate continuous improvement. Internal audit involves two major processes: Internal control and internal audit. Internal controls are a systematic measure to mitigate business risk and help achieve corporate goals and objectives, while audit is an independent process to provide an assessment of the internal control environment. Internal audit is meant to review efficiency of operations; reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and maintaining compliance with laws and regulations. The process ends with a report that will hopefully direct the company towards more efficiency and effective operations. Next R. Lkhagvasurven, a researcher at the Economic Policy & Competitiveness Research Center, spoke about his organization in his presentation “Competitiveness Capabilities of Mongolia.” Established in 2010 by a consortium for economic growth, the EPRC provides services for economic policy education, analysis, and reports. It cooperates with various non-government organizations and domestic institutions to develop an enhanced business climate in Mongolia. Last March it released a booked with essays about adapting various economic theories in Mongolia by U.S. and European authors. Through its research, the organization has learned that Mongolia is weakest in infrastructure and transportation. To help improve this, it is looking for ways to grant greater access, organize debates, finding ways to liberalize the Mongolian market, and organize workshops. However, it also found Mongolia's greatest strengths are in its political framework, gender equality, and stability. Finally, Barry Evans of Churchill introduced his Training System Development, a program for quality assurance in food safety. The group’s objective is to enhance the private sector and educate businesses.  The pilot program has indicated a high need for this sort of work. As it stands one out of every four people in Mongolia will at some point suffer from food poisoning. The first priority is to provide training for internal auditing. This includes food safety for manufacturing, hazard analysis, and lead auditor training. So far, the program is responsible for training between 215 and 230 Mongolians, engaging the private sector, encouraging state auditors to apply to international standards, improving supply chains, and setting health and safety goals.
Categories: News

BCM Monthly Meeting recap- Dec 12, 2011

Thu, 2011-12-22 11:47
The meeting on 12 December with Laurenz Melchers in the chair was attended by 65 members and invited guests. Melchers announced the upcoming Coal Mongolia 2012 conference to be held on 9-10 February. The BCM 2012 membership drive now stands at 160 members as renewals ramp up. Those recently joined as new members are: 1.Hogan Lovells – This law firm helps corporations, financial institutions, and governmental entities with critical business and legal issues globally and locally. The firm has been involved in Mongolia since its peaceful democratic revolution in 1990 when one of its partners visited Ulaanbaatar as a member of a delegation of consultants to advise the government on legal reform. Since then, Hogan Lovells has acted for clients on diverse foreign direct investment and merger and acquisition (M&A) projects in the mining, energy, infrastructure, and other sectors. It also has worked with the domestic firm GTs Advocates since 2007, and in June 2010 the two firms entered into an association agreement to establish Hogan Lovells as the first global firm with a permanent presence in Mongolia. It established an office in Ulaanbaatar on 1 October. 2. Altai Holding – Now a major investment and conglomerate company of Mongolia, Altai was established in 1991 as Altai Trading LLC and started its business during market economy transition period. Since then the company has expanded its business and invested in diversified areas such as retail sales, hospitality, information technology, telecommunication, and finance. Employing 700 employees through its subsidiary companies, Altai is considered a major contributor to Mongolia’s economy. Its main businesses are Altai Cashmere, Chinggis Khaan Hotel, and Sky Trading. Its majorinvestments are Skytel and Telemax. 3. Asia Pacific Investment Partners (APIP) – Founded in 2001, this investment firm focuses on pursuing economic opportunities in Mongolia. APIP is behind a number of Mongolia-based companies in five key industries with growth potential in Mongolia: property, natural resources, securities, construction, and construction materials. The management team features a unique, on-the-ground mix of local and international experience from a variety of backgrounds. The company works primarily with small investors, high-net-worth individuals, and a select group of corporate investors. 4. Asia Pacific Securities – formerly Altan San Securities, this company is one of the oldest brokerage firms in Mongolia with an experience in the market for over 15 years. It is a subsidiary of APIP. The firm offers an array of financial services to the marketplace, and acts as a bridge between overseas investors and the Mongolian financial market. The firm has offices in Ulaanbaatar, Tsetserleg Sum, Arkhangai Aimag, and Bayankhongor Sum. It also has global representatives in Hong Kong, London, the United Kingdom, and Denver, USA. 5. Mongolian Properties – This real estate firm first set out in 2002 to meet the growing needs of the foreign and domestic clients searching for the rental and purchase of properties in Mongolia. While the firm is primarily engaged in assisting clients in Ulaanbaatar, it has also assisted firms outside the capital. Founded by Asia Pacific Investment Partners, the company publishes the Mongolian real estate guide on a quarterly basis. The company also works closely with overseas relocation companies and primarily caters to large organizations with housing needs. 6. MMREC was established in 2010 to provide high quality, precise service to the mining and engineering sector in Mongolia. As a subsidiary of Maison Global, the firm provides engineering expertise to its customers. Services include lump sum EPC and construction, turn-key construction services, international trade of equipment and bulk materials, financing support. 7. Integrated Service Solutions Mongolia (ISSM) – This firm aims to offer its proven and comprehensive camp management approach, which is unique in the petroleum and military sectors. The group is led by a team of executives with experience in supporting military and commercial clients globally. ISSM works together with Ecolog and capitalizes on the latter’s experience and capabilities to bring additional services. These include life support and food service operations, subsistence procurement and supply-chain management, manpower supply, and operations and management of facilities. 8. RSC Mongolia – This service company is an employee-owned company that established Mongolian Mineral Properties in 2011 to bridge the gap between Mongolian mineral license holders and the international exploration and mining companies seeking to partner with or acquire interests within Mongolia. RSC also provides assistance with establishing foreign invested companies; and immigration requirements, including visa applications, letters of invitation, and technical services. 9. Akica Group – With over 15 years experience working with the Mongolia government, Akica identifies and develops opportunities in support of Mongolia’s emerging economy. It works closely with key contacts in government, understanding the needs of the country and the financial opportunities it offers. The firm works with strategic and financial partners to make these new projects operational and profitable. 10. IARUDI – Based in Ulaanbaatar, this company has key business division with IARUDI Consulting, IARUDI Human Capital, IARUDI Blue Sky Enterprises, and IARUDI Capital. The company provides services across a range of areas to its international clients already in Mongolia, those trying to enter Mongolia, and domestic businesses expanding their footprint internationally. IARDUI Consulting is based in Central Tower where it provides accounting and compliance services to foreign clients operating or looking to enter the local marketplace, and Mongolian companies looking to expand or list on international stock exchanges. 11. Grata Mongolia – Grata is a leading law firm in Central Asia and the Caspian region with more than 90 lawyers and a network of branches. In Mongolia it advises foreign business organization and individuals on wide ranging matters of law and legislation.  It is also trying to make a difference to contribute towards the process of integrating Mongolian legislative, judicial and executive branches of the government system with the best practices international jurisdictions can offer. 12. A&A Global – Partners of this Ulaanbaatar-based law firm organized as Young Lawyers “Senator” group in 1997 and have been working together to provide legal consultation and services, and support education in law and training. Its partners and advocates have at least 10 years experience in areas such as mining and corporate law. It currently has about 20 partners and provides legal and advisory services in business services, property, private clients, foreign citizens, civil litigation, criminal litigation, and administrative litigation. 13. Buman-Olz - This firm has operations concerning mining exploration and exploitation at the Khuut coal deposit; construction and the production of materials for the housing project at Dornod Aimag; Restaurant and hotel services at various establishments in Dornod Aimag; road construction; regional and international transportation; and agriculture and livestock breeding within 4,656 hectares of land in Khalkgoi Sum.  Its branch and daughter companies include East Palace branch in Dornod Aimag, Bumanlogistics LLC, and Buman Trans LLC. The evening continued with a presentation entitled “Internal Audit: Role and Functions in Corporate Governance” by Scott Hansen, Manager of Internal Audit of Oyu Tolgoi. Hansen described internal audit as an independent objective assurance, and consulting activity designed to add value and improve an organization’s operations. It helps to accomplish objectives and mitigate risks. The benefits of internal auditing include a diagnosis of the health of a company’s internal control system, identify the root cause of problems and help develop solutions, better allocate resources, identify unknown problems, and facilitate continuous improvement. Internal audit involves two major processes: Internal control and internal audit. Internal controls are a systematic measure to mitigate business risk and help achieve corporate goals and objectives, while audit is an independent process to provide an assessment of the internal control environment. Internal audit is meant to review efficiency of operations; reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and maintaining compliance with laws and regulations. The process ends with a report that will hopefully direct the company towards more efficiency and effective operations. Next R. Lkhagvasurven, a researcher at the Economic Policy & Competitiveness Research Center, spoke about his organization in his presentation “Competitiveness Capabilities of Mongolia.” Established in 2010 by a consortium for economic growth, the EPRC provides services for economic policy education, analysis, and reports. It cooperates with various non-government organizations and domestic institutions to develop an enhanced business climate in Mongolia. Last March it released a booked with essays about adapting various economic theories in Mongolia by U.S. and European authors. Through its research, the organization has learned that Mongolia is weakest in infrastructure and transportation. To help improve this, it is looking for ways to grant greater access, organize debates, finding ways to liberalize the Mongolian market, and organize workshops. However, it also found Mongolia's greatest strengths are in its political framework, gender equality, and stability. Finally, Barry Evans of Churchill introduced his Training System Development, a program for quality assurance in food safety. The group’s objective is to enhance the private sector and educate businesses.  The pilot program has indicated a high need for this sort of work. As it stands one out of every four people in Mongolia will at some point suffer from food poisoning. The first priority is to provide training for internal auditing. This includes food safety for manufacturing, hazard analysis, and lead auditor training. So far, the program is responsible for training between 215 and 230 Mongolians, engaging the private sector, encouraging state auditors to apply to international standards, improving supply chains, and setting health and safety goals.
Categories: News

BCM Monthly Meeting recap- Dec 12, 2011

Thu, 2011-12-22 11:47
The meeting on 12 December with Laurenz Melchers in the chair was attended by 65 members and invited guests. Melchers announced the upcoming Coal Mongolia 2012 conference to be held on 9-10 February. The BCM 2012 membership drive now stands at 160 members as renewals ramp up. Those recently joined as new members are: 1.Hogan Lovells – This law firm helps corporations, financial institutions, and governmental entities with critical business and legal issues globally and locally. The firm has been involved in Mongolia since its peaceful democratic revolution in 1990 when one of its partners visited Ulaanbaatar as a member of a delegation of consultants to advise the government on legal reform. Since then, Hogan Lovells has acted for clients on diverse foreign direct investment and merger and acquisition (M&A) projects in the mining, energy, infrastructure, and other sectors. It also has worked with the domestic firm GTs Advocates since 2007, and in June 2010 the two firms entered into an association agreement to establish Hogan Lovells as the first global firm with a permanent presence in Mongolia. It established an office in Ulaanbaatar on 1 October. 2. Altai Holding – Now a major investment and conglomerate company of Mongolia, Altai was established in 1991 as Altai Trading LLC and started its business during market economy transition period. Since then the company has expanded its business and invested in diversified areas such as retail sales, hospitality, information technology, telecommunication, and finance. Employing 700 employees through its subsidiary companies, Altai is considered a major contributor to Mongolia’s economy. Its main businesses are Altai Cashmere, Chinggis Khaan Hotel, and Sky Trading. Its majorinvestments are Skytel and Telemax. 3. Asia Pacific Investment Partners (APIP) – Founded in 2001, this investment firm focuses on pursuing economic opportunities in Mongolia. APIP is behind a number of Mongolia-based companies in five key industries with growth potential in Mongolia: property, natural resources, securities, construction, and construction materials. The management team features a unique, on-the-ground mix of local and international experience from a variety of backgrounds. The company works primarily with small investors, high-net-worth individuals, and a select group of corporate investors. 4. Asia Pacific Securities – formerly Altan San Securities, this company is one of the oldest brokerage firms in Mongolia with an experience in the market for over 15 years. It is a subsidiary of APIP. The firm offers an array of financial services to the marketplace, and acts as a bridge between overseas investors and the Mongolian financial market. The firm has offices in Ulaanbaatar, Tsetserleg Sum, Arkhangai Aimag, and Bayankhongor Sum. It also has global representatives in Hong Kong, London, the United Kingdom, and Denver, USA. 5. Mongolian Properties – This real estate firm first set out in 2002 to meet the growing needs of the foreign and domestic clients searching for the rental and purchase of properties in Mongolia. While the firm is primarily engaged in assisting clients in Ulaanbaatar, it has also assisted firms outside the capital. Founded by Asia Pacific Investment Partners, the company publishes the Mongolian real estate guide on a quarterly basis. The company also works closely with overseas relocation companies and primarily caters to large organizations with housing needs. 6. MMREC was established in 2010 to provide high quality, precise service to the mining and engineering sector in Mongolia. As a subsidiary of Maison Global, the firm provides engineering expertise to its customers. Services include lump sum EPC and construction, turn-key construction services, international trade of equipment and bulk materials, financing support. 7. Integrated Service Solutions Mongolia (ISSM) – This firm aims to offer its proven and comprehensive camp management approach, which is unique in the petroleum and military sectors. The group is led by a team of executives with experience in supporting military and commercial clients globally. ISSM works together with Ecolog and capitalizes on the latter’s experience and capabilities to bring additional services. These include life support and food service operations, subsistence procurement and supply-chain management, manpower supply, and operations and management of facilities. 8. RSC Mongolia – This service company is an employee-owned company that established Mongolian Mineral Properties in 2011 to bridge the gap between Mongolian mineral license holders and the international exploration and mining companies seeking to partner with or acquire interests within Mongolia. RSC also provides assistance with establishing foreign invested companies; and immigration requirements, including visa applications, letters of invitation, and technical services. 9. Akica Group – With over 15 years experience working with the Mongolia government, Akica identifies and develops opportunities in support of Mongolia’s emerging economy. It works closely with key contacts in government, understanding the needs of the country and the financial opportunities it offers. The firm works with strategic and financial partners to make these new projects operational and profitable. 10. IARUDI – Based in Ulaanbaatar, this company has key business division with IARUDI Consulting, IARUDI Human Capital, IARUDI Blue Sky Enterprises, and IARUDI Capital. The company provides services across a range of areas to its international clients already in Mongolia, those trying to enter Mongolia, and domestic businesses expanding their footprint internationally. IARDUI Consulting is based in Central Tower where it provides accounting and compliance services to foreign clients operating or looking to enter the local marketplace, and Mongolian companies looking to expand or list on international stock exchanges. 11. Grata Mongolia – Grata is a leading law firm in Central Asia and the Caspian region with more than 90 lawyers and a network of branches. In Mongolia it advises foreign business organization and individuals on wide ranging matters of law and legislation.  It is also trying to make a difference to contribute towards the process of integrating Mongolian legislative, judicial and executive branches of the government system with the best practices international jurisdictions can offer. 12. A&A Global – Partners of this Ulaanbaatar-based law firm organized as Young Lawyers “Senator” group in 1997 and have been working together to provide legal consultation and services, and support education in law and training. Its partners and advocates have at least 10 years experience in areas such as mining and corporate law. It currently has about 20 partners and provides legal and advisory services in business services, property, private clients, foreign citizens, civil litigation, criminal litigation, and administrative litigation. 13. Buman-Olz - This firm has operations concerning mining exploration and exploitation at the Khuut coal deposit; construction and the production of materials for the housing project at Dornod Aimag; Restaurant and hotel services at various establishments in Dornod Aimag; road construction; regional and international transportation; and agriculture and livestock breeding within 4,656 hectares of land in Khalkgoi Sum.  Its branch and daughter companies include East Palace branch in Dornod Aimag, Bumanlogistics LLC, and Buman Trans LLC. The evening continued with a presentation entitled “Internal Audit: Role and Functions in Corporate Governance” by Scott Hansen, Manager of Internal Audit of Oyu Tolgoi. Hansen described internal audit as an independent objective assurance, and consulting activity designed to add value and improve an organization’s operations. It helps to accomplish objectives and mitigate risks. The benefits of internal auditing include a diagnosis of the health of a company’s internal control system, identify the root cause of problems and help develop solutions, better allocate resources, identify unknown problems, and facilitate continuous improvement. Internal audit involves two major processes: Internal control and internal audit. Internal controls are a systematic measure to mitigate business risk and help achieve corporate goals and objectives, while audit is an independent process to provide an assessment of the internal control environment. Internal audit is meant to review efficiency of operations; reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and maintaining compliance with laws and regulations. The process ends with a report that will hopefully direct the company towards more efficiency and effective operations. Next R. Lkhagvasurven, a researcher at the Economic Policy & Competitiveness Research Center, spoke about his organization in his presentation “Competitiveness Capabilities of Mongolia.” Established in 2010 by a consortium for economic growth, the EPRC provides services for economic policy education, analysis, and reports. It cooperates with various non-government organizations and domestic institutions to develop an enhanced business climate in Mongolia. Last March it released a booked with essays about adapting various economic theories in Mongolia by U.S. and European authors. Through its research, the organization has learned that Mongolia is weakest in infrastructure and transportation. To help improve this, it is looking for ways to grant greater access, organize debates, finding ways to liberalize the Mongolian market, and organize workshops. However, it also found Mongolia's greatest strengths are in its political framework, gender equality, and stability. Finally, Barry Evans of Churchill introduced his Training System Development, a program for quality assurance in food safety. The group’s objective is to enhance the private sector and educate businesses.  The pilot program has indicated a high need for this sort of work. As it stands one out of every four people in Mongolia will at some point suffer from food poisoning. The first priority is to provide training for internal auditing. This includes food safety for manufacturing, hazard analysis, and lead auditor training. So far, the program is responsible for training between 215 and 230 Mongolians, engaging the private sector, encouraging state auditors to apply to international standards, improving supply chains, and setting health and safety goals.
Categories: News

November, 2011 Issues

Fri, 2011-12-02 13:10

Please click on the PDF link below to view each of the November, 2011 BCM NewsWire issues.

BCM NewsWire Issue 192
BCM NewsWire Issue 193 
BCM NewsWire Issue 194
BCM NewsWire Issue 195 

Categories: News

November, 2011 Issues

Fri, 2011-12-02 13:10

Please click on the PDF link below to view each of the November, 2011 BCM NewsWire issues.

BCM NewsWire Issue 192
BCM NewsWire Issue 193 
BCM NewsWire Issue 194 

Categories: News

November, 2011 Issues

Fri, 2011-12-02 13:10

Please click on the PDF link below to view each of the November, 2011 BCM NewsWire issues.

BCM NewsWire Issue 192
BCM NewsWire Issue 193 
BCM NewsWire Issue 194
BCM NewsWire Issue 195 

Categories: News

November, 2011 Issues

Fri, 2011-12-02 13:10

Please click on the PDF link below to view each of the November, 2011 BCM NewsWire issues.

BCM NewsWire Issue 192
BCM NewsWire Issue 193 
BCM NewsWire Issue 194
BCM NewsWire Issue 195 

Categories: News

November, 2011 Issues

Fri, 2011-12-02 13:10

Please click on the PDF link below to view each of the November, 2011 BCM NewsWire issues.

BCM NewsWire Issue 192
BCM NewsWire Issue 193 
BCM NewsWire Issue 194
BCM NewsWire Issue 195 

Categories: News

Dealmakers in Mongolia see strong pipeline, but hurdles include valuations

Tue, 2011-11-22 11:43
Source: The Mergermarket group Dealmakers in Mongolia will find many companies looking for funding but they will face hurdles such inadequate understanding of valuation metrics and overly optimistic growth projections, industry practitioners said. As acquisition activity heats up, structuring deals using earn outs and other performance payments can help bridge the wide gaps between how buyers and seller value a business, panelists said at Mongolia: New Frontiers in M&A and Private Equity,” a Mergermarket Forum held in Ulaanbaatar on November 8. “One of the biggest challenges we're facing is the seller mentality and educating the seller on the very basics of corporate finance and M&A transactions,” said B. Bold a former JPMorgan banker who chairs the country's stock exchange. “There is no lack of deals in Mongolia, as many businesses are looking for cash,” said Mongolia Opportunities Partners Managing Director Mandar Jayawant. However, there is “very little precedent” in Mongolia on how to structure deals, what role a private equity investor plays in a business and how businesses are valued, he said.  In addition some business owners have “quite unrealistic expectation of valuation,” Jayawant said.

Read more...

Categories: News

Dealmakers in Mongolia see strong pipeline, but hurdles include valuations

Tue, 2011-11-22 11:43
Source: The Mergermarket group Dealmakers in Mongolia will find many companies looking for funding but they will face hurdles such inadequate understanding of valuation metrics and overly optimistic growth projections, industry practitioners said. As acquisition activity heats up, structuring deals using earn outs and other performance payments can help bridge the wide gaps between how buyers and seller value a business, panelists said at Mongolia: New Frontiers in M&A and Private Equity,” a Mergermarket Forum held in Ulaanbaatar on November 8. “One of the biggest challenges we're facing is the seller mentality and educating the seller on the very basics of corporate finance and M&A transactions,” said B. Bold a former JPMorgan banker who chairs the country's stock exchange. “There is no lack of deals in Mongolia, as many businesses are looking for cash,” said Mongolia Opportunities Partners Managing Director Mandar Jayawant. However, there is “very little precedent” in Mongolia on how to structure deals, what role a private equity investor plays in a business and how businesses are valued, he said.  In addition some business owners have “quite unrealistic expectation of valuation,” Jayawant said.

Read more...

Categories: News

Dealmakers in Mongolia see strong pipeline, but hurdles include valuations

Tue, 2011-11-22 11:43
Source: The Mergermarket group Dealmakers in Mongolia will find many companies looking for funding but they will face hurdles such inadequate understanding of valuation metrics and overly optimistic growth projections, industry practitioners said. As acquisition activity heats up, structuring deals using earn outs and other performance payments can help bridge the wide gaps between how buyers and seller value a business, panelists said at Mongolia: New Frontiers in M&A and Private Equity,” a Mergermarket Forum held in Ulaanbaatar on November 8. “One of the biggest challenges we're facing is the seller mentality and educating the seller on the very basics of corporate finance and M&A transactions,” said B. Bold a former JPMorgan banker who chairs the country's stock exchange. “There is no lack of deals in Mongolia, as many businesses are looking for cash,” said Mongolia Opportunities Partners Managing Director Mandar Jayawant. However, there is “very little precedent” in Mongolia on how to structure deals, what role a private equity investor plays in a business and how businesses are valued, he said.  In addition some business owners have “quite unrealistic expectation of valuation,” Jayawant said.

Read more...

Categories: News

Dealmakers in Mongolia see strong pipeline, but hurdles include valuations

Tue, 2011-11-22 11:43
Source: The Mergermarket group Dealmakers in Mongolia will find many companies looking for funding but they will face hurdles such inadequate understanding of valuation metrics and overly optimistic growth projections, industry practitioners said. As acquisition activity heats up, structuring deals using earn outs and other performance payments can help bridge the wide gaps between how buyers and seller value a business, panelists said at Mongolia: New Frontiers in M&A and Private Equity,” a Mergermarket Forum held in Ulaanbaatar on November 8. “One of the biggest challenges we're facing is the seller mentality and educating the seller on the very basics of corporate finance and M&A transactions,” said B. Bold a former JPMorgan banker who chairs the country's stock exchange. “There is no lack of deals in Mongolia, as many businesses are looking for cash,” said Mongolia Opportunities Partners Managing Director Mandar Jayawant. However, there is “very little precedent” in Mongolia on how to structure deals, what role a private equity investor plays in a business and how businesses are valued, he said.  In addition some business owners have “quite unrealistic expectation of valuation,” Jayawant said.

Read more...

Categories: News