Page 22 - bne_newspaper_April_13_2018

Eurasia
April 13, 2018 www.intellinews.com I Page 22
Mongolian Copper Corporation (MCC) in 2016. The details behind MCC’s purchase of Erdenet are du- bious, a report by The Diplomat revealed last year, describing MCC as a private entity fronting for the Trade and Development Bank (TDB), one
of Mongolia’s large private banks. At the time of the purchase, MCC was registered at a private apartment in a middle-class neighbourhood of Ulaanbaatar. The funds for the deal were made up of $200mn from the TDB and $200mn from undisclosed sources.
Oyu Tolgoi mine is seen as a barometer for Mon- golia's investment climate. Its underground ex- pansion is set for completion in 2019, bringing
Azerbaijan's Aliyev wins fourth presidential term in expected landslide
bne IntelliNews
Azerbaijani President Ilham Aliyev won a landslide victory in the snap presidential election on April 11 in what was essentially a foregone conclusion.
His victory was made clear by preliminary
results issued by the country's central election commission (CEC). Thus, Aliyev received 86%
of the votes based on a count of 92% of the ballots, Mazahir Panahov, the chairman of CEC, announced in a press conference. Aliyev ran virtually unopposed, and has spent his 15 years in office sidelining potential adversaries.
Aliyev will continue his presidency with an extended fourth term until 2025. Following the results of a referendum in 2016, he now enjoys
hoped-for positive long-term prospects for the country. Oyu Tolgoi is jointly owned by Mongolia’s government (34%) and Turquoise Hill (66%), in which Rio Tinto has a 51% stake. The mine has proven and probable reserves of 1.45bn tonnes.
The mine has been undergoing several difficult months — an unexpected $155mn tax bill was handed to Oyu Tolgoi by Mongolia's government in January. Moreover, the Dutch Centre for Research on Multinational Corporations (SOMO) and Oyu Tolgoi Watch (OT Watch) published a report on January 31 alleging that the tax planning of the company had led to approximately $230mn in tax losses for Mongolia in relation to the mine.
Ilham Aliyev casts his vote in the snap presidential election
even greater powers than before, and is poised to appoint a family member, likely his son or his wife, to succeed him.
Critics believe that the seven opponents that were allowed to run in the contest - CEC did not accept the applications of seven other, better-known opposition politicians - are de facto puppets who are affiliated with Aliyev and the government. None of them won more than 3.11% of the votes, according to preliminary results.
Over time, Azerbaijanis have accepted the fact that Aliyev is the only alternative, and even find excuses for him, blaming the widespread corruption in the country on those around him