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Market Commentary and Intraday News

Ex-Mongolian President Sentenced To Jail For Graft

288 days ago

(RTTNews) - Former Mongolian President Nambaryn Enkhbayar has been sentenced to four years in prison for corruption, media reports said on Friday.

A court in Ulan Bator found him guilty on Thursday of charges including the illegal privatization of a hotel in the capital city. Enkhbayar denounced the trial as politically-motivated, while his lawyers indicated that they would appeal the verdict in a higher court.

Political analysts say the sentencing will affect politics in Mongolia where official results of the June general election were yet to be announced.

The ruling Democratic Party, which won most of the seats but failed to get a majority, has agreed to form a coalition government with Enkhbayar's Opposition alliance and he is expected to join the Cabinet if acquitted in appeal.

Enkhbayar served as President of the minerals-rich Central Asian country during 2005-2009, but lost his re-election bid to Tsakhiagiin Elbegdorj of the Democratic Party. He could not run in the June election because he was under arrest.

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