MEC Faces Mongolian Tax Appeal Delays and Asset Seizure Risk
Mongolia Energy Corporation Limited $(MEC)$, a company listed on the Hong Kong Stock Exchange, has announced an ongoing issue related to its taxes in Mongolia. The company revealed that a re-hearing by the Tax Dispute Resolution Council (TDRC) for their tax appeal, originally scheduled for today, has been postponed to May 26, 2025. MEC has informed shareholders and potential investors that if the hearing results are unfavorable, MoEnCo, a subsidiary of the Group, can still appeal to the Administrative Court within 30 days. Additionally, MNT 498,060,188 (approximately HK$1,148,000) from MoEnCo's bank accounts have been frozen by the General Tax Authority $(GTO)$, with most of it already transferred to the GTO's account. Despite the ongoing appeal, the GTO retains the right to seize MoEnCo's assets in Mongolia due to unpaid taxes. MEC is monitoring the situation and will issue further updates as necessary. Shareholders and potential investors are advised to exercise caution when dealing with the company's shares.
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