Former Mongolian president released on bail

By bne IntelliNews May 15, 2012

bne -

Former Mongolian President Nambar Enkhbayar was released on bail on May 14 after staging a hunger strike.

Enkhbayar, who was arrested on corruption charges on April 13, is now reported to be recovering in hospital from his week-long hunger strike. The former president denies the charges, which his supporters say are politically motivated. He had been planning to stand in Mongolia's June 2012 elections as the leader of a new political party.

Enkhbayar's family released a statement on April 17 claiming that his civil rights are being abused by the government, amidst suspicion that it is bidding to prevent him challenging for power. President of Mongolia from 2005 until he was narrowly defeated by current president Tsakhiagiin Elbegdorj in the 2009 elections, he previously served a prime minister between 2000 and 2004.

Along with two other parliament members, Enkhbayar launched the "new" MPRP party, an offshoot from the existing Mongolian People's Party (previously the Mongolian People's Revolutionary Party, or MPRP). Frontier Securities writes in an analyst note that given Enkhbayar's continuing popularity in Mongolia, especially in the countryside, the new MPRP is expected to emerge as a new political force alongside the MPP and DP, creating a third party swing factor between the two main contenders.

With large and virtually untapped reserves of coal, uranium and other materials, together with its posting on China's doorstep, Mongolia has become a highly attractive investor destination. However, Enkhbayar's arrest, together with fears about resource nationalism, has added to concerns about the country's future stability.

The arrest has alarmed investors, who have flocked to Mongolia in recent years as the country shot onto the international radar as one of the fastest growing, high potential frontier markets. While other economies faltered, Mongolia's GDP shot up by 17.3% in 2011.

Related Articles

COMMMENT: Great challenges for Eurasia call for decisive solutions

Juha Kähkönen of the IMF - The Caucasus and Central Asia (CCA) region continues to navigate a wave of external shocks – the slump in global prices of oil and other key commodities, the slowdown ... more

IMF calls for Central Asia to tighten monetary policy

Naubet Bisenov in Almaty -   Caucasus and Central Asian (CCA) countries need to tighten their monetary policy to anchor inflation expectations, but excess tightening may weaken financial ... more

Business leader-turned-technocrat ready to mine Mongolia's “treasures”

Terrence Edwards in Ulaanbaatar -   One of Mongolia's premier dealmakers has taken on the supreme task of putting the country's mining and infrastructure projects back on track after years of ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss