Mongolia vice-speaker dismissed for hidden account

ULAN BATOR - The Mongolian parliament on Thursday voted to dismiss Vice-Speaker Bayartsogt Sangajav for his possession of an offshore company and a secret account in Switzerland.

Sixty-four lawmakers voted 56-8 to endorse the dismissal of Bayartsogt, one of the most senior and experienced politicians of the ruling Democratic Party of Mongolia.

The ousting came after a group of investigative journalists found him owning a company registered in British Virgin Islands and a bank account in Switzerland that once contained more than $1 million.

He explained that he set up the company with three friends in May 2008 to speculate in international stocks, but was never involved in stock speculation as the 2008 financial crisis loomed.

As pressure mounted from the opposition Mongolian People's Party and other parties, Bayartsogt submitted his letter of resignation.

Bayartsogt was instrumental in concluding an agreement with Rio Tinto, an Anglo-Australian mining giant, over the development of the copper-gold deposit of Oyu Tolgoi in 2009 when he was finance minister.