One of the most senior politicians, Sangijav Bayartsogt, the Deputy Speaker of Parliament, has had his secret offshore account revealed by “The Guardian”, a British Newspaper. According to the report the Deputy Speaker of Parliament, Sangijav Bayartsogt, confirmed having a secret Swiss bank account containing more than one million US dollars, in the name of an offshore entity “Legend Plus Capital Limited”.

The Guardian reported Bayartsogt Sangajav saying, “I shouldn”t have opened that account. I should have included the company in my declarations,” to the International Consortium of Investigative Journalists (ICIJ). “I don”t worry about my reputation. I worry about my family. I probably should consider resigning from my position.”

Bayartsogt, who says his account at one point contained more than $1 million, started his political career in 1990 as a member of the State Baga Khural, Deputy of the People`s Great Khural. Since then Sangijav Bayartsogt has been appointed the most promising posts such as member of parliament, Minister for Environment and Tourism, an Expert at the International Monetary Fund and Minister of Finance.

Sangijav Bayartsogt is one of the contractors who signed the Oyu Tolgoi Investment Agreement for the deposit in Mongolia in 2009 during his term as Minister of Finance of Mongolia. But the controversial Oyu Tolgoi Investment Agreement is still a subject of public debate.

The Guardian reports that “During those years he attended international meetings and served as governor of the Asian Development Bank and the European Bank of Reconstruction, pushing the case for his poor nation to receive foreign development assistance and investment”.