The State General Prosecutor’s Office of Mongolia has submitted a request for stripping four parliament members of immunity. According to one source, MP’s B.Undarmaa, G.Soltan, D.Damba-Ochir and L.Enkhbold are facing prosecuted over the ongoing scandal of the Small and Medium Enterprises Fund. However, the parliamentary standing committee on immunity has been delayed twice due lack of attendance.
In 2009, the Mongolian government developed a fund to support small and medium enterprises (SME’s). This provided companies with low-interest loans at 3 percent interest for up to five years and contained 2 billion Mongolian Tugrik (roughly USD 780,000 at today’s exchange rate). The fund is reported to have dispersed loans, totalling nearly 700 billion tugrik, or several hundred million U.S. dollars. The fund was created under – and continues to be overseen by – the Ministry of Food, Agriculture, and Light Industry.