The International Arbitration Court has decided in favor of the Government of Mongolia and rejected the claim of Altandornod Mongol LLC and Vostokneftgas LLC for USD1.6 billion. The dispute started three years ago, and the court’s decision 169-page ruling was received by e-mail at 3 in the morning today.

The news was revealed by Minister for Justice and Internal Affairs Ts.Nyamdorj, State Secretary G.Bayasgalan, and Chief of Policy Implementing Board at the Ministry, T.Altangerel, at a press conference. Nyamdorj noted this was the third time Mongolia has been vindicated in a major dispute since its transition to a market economy. That the court upheld Mongolia’s right to impose the 68% windfall profit tax, and asked Altandornod Mongol to pay it is a message to foreign companies and investors to follow the country’s laws.