Several members of our group learned about murder in the Mongolian credit union system yesterday.
The details came out during a meeting in the sixth-floor office of the Mongolian National Co-operators’ Association, which acts as the national co-operative organization and counts among its members seven umbrella groups that represent the respective co-operative industries in the country.
Several credit unions had failed in 2006. Victims included families where sons and daughters had gotten jobs overseas and sent money home every month. The head of the Financial Regulatory Commission, which serves the country’s financial regulators, stepped in to investigate.
In response, the chair of one of the credit unions being investigated murdered him. You can read more about it at http://ubpost.mongolnews.mn/index.php?option=com_content&task=view&id=549&Itemid=36.
Needless to say, the credit union system is still recovering. Wow. We were not expecting this.