The Court of Bayanzurkh district sentenced on Monday three members of the Representatives’ Managing Council (RMC) of the Anod Bank, N.Davaa, E.Gur-Aranz and U.Enkhtur, to terms in prison for cheating share holders of the bank and misappropriating the money in savings accounts. Two more members of the RMC are already under investigation.

There are reports that charges will be leveled against a former Vice President of the Mongol Bank, B.Enkhkhuyag, and a former Chief of the Financial Regulatory Authority, D.Bayarsaikhan, for their role in the Anod Bank case. Both are suspected of conspiring with managing officials of the bank and of deliberately lax monitoring of an IPO of Anod Bank to help them defrauding those who bought shares.

Investigations have been going on for years and the Chief of the Economic Crimes section under the State Investigation Office, Kh.Dorjsuren, said all charges will be submitted to the court in May.