Source: Ernst & Young Mongolia Audit LLC   Date: April 29, 2010

Ernst & Young Mongolia Audit LLC has said certain statements made about it in the daily newspaper Onoodor are incorrect and neither the journalist nor the editorial staff had verified them before they were published. An unsigned article in the newspaper on April 13 had charged the firm with concealing over USD500 million of revenue, with working in Mongolia without a proper license, and with not paying USD50 million in taxes.

Asserting that “not one of these statements is correct”, the company says it has “always conducted its audit activities in Mongolia pursuant to a permit issued by the Ministry of Finance”. The publication of the article was “irresponsible” and the company was forced to issue its statement following “the failure of the publisher and management to retract their errors”. The company was “proud that our firm is expanding our activities to match the positive development of the Mongolian economy and will continue to build on the excellent relationship that it has established with its clients, the business community, relevant regulatory bodies and authorities here over the years”.