BREAKING NEWS

Former Mongolian president jailed, raising fears for mining

By REUTERS

AUGUST 3, 2012 10:41

ULAN BATOR - A Mongolian court has jailed former president Nyamdorj Enkhbayar for four years for corruption, a move that could threaten the government's fragile coalition and increase uncertainties for foreign investors.

Resource-rich Mongolia is in the middle of a mining boom that is set to transform its tiny economy, but political uncertainties have threatened to overshadow its efforts to attract the foreign investment needed to develop mines and build vital infrastructure.

After a three-day trial, Enkhbayar was found guilty of charges that include the illegal privatization of a hotel and newspaper and the misuse of donated television equipment to broadcast from his own television station, the government said late on Thursday.

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