Things continue to look bad for S.B.
Paushok, head of Altan Dornod Mongol. Investigations are believed to have
revealed that he unlawfully siphoned off large sums of money the company kept
in Anod and Zoos banks as security against supply of machinery and equipment
from the Japanese Itochu Corporation. The Russian businessman, who has taken
the Mongolian Government to an international arbitration court on the windfall
profits tax issue, is already facing charges of tax evasion, and is now likely
to be accused of benefiting from fraudulent bank transactions.