Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


July 07, 2015 1:51 PM ET

Company Overview of Southgobi Sands LLC

Company Overview

Southgobi Sands LLC operates as a subsidiary of SouthGobi Resources Ltd.

,  

Mongolia

Key Executives for Southgobi Sands LLC

President and Executive Director
Age: 39
Compensation as of Fiscal Year 2015.

Southgobi Sands LLC Key Developments

Court of Justice of Mongolia Declares Southgobi Sands and Three of its Former Employees Are Guilty of Tax Evasion

SouthGobi Resources Limited announced on January 7, 2015, that the Company had been informed that the re-investigation by the State Investigation Agency into alleged violations of Mongolian taxation law against three former employees of SouthGobi Sands LLC (‘SGS’), the Company's Mongolian subsidiary, and against SGS as ‘civil defendant’ had been completed and that the case had been transferred back to the Second District Criminal Court of Justice for trial. Further detail in respect of the tax investigations can be found in section 6 ‘Regulatory issues and Investigations’ of the company's Management Discussion and Analysis ("MD&A") for the three months ended September 30, 2014. The trial commenced on January 28, 2015. On January 30, 2015, the panel of appointed judges from the Second District Criminal Court of Justice found the three former employees guilty of tax evasion and gave sentences ranging from 5 years and 6 months to 5 years and 10 months of imprisonment in the correctional facilities of strict regimen in Mongolia.

Court of Justice in Mongolia Returns Tax Investigation Case Against SouthGobi Sands and Three of its Former Employees to Prosecutor General for Further Investigations

SouthGobi Resources Ltd. announced on August 11, 2014, the trial date for the tax investigation case against the company's Mongolian subsidiary SouthGobi Sands LLC (SGS) and three of its former employees was set for August 25, 2014. The trial commenced on August 25, 2014 and on August 26, 2014, the panel of three appointed judges to the case ordered the matter be returned to the Prosecutor General for further investigation due to insufficient evidence presented by the prosecutor. The company is still awaiting a written decision by the judges and will update the market accordingly. The company, including its Mongolian subsidiary SGS, has prepared its financial statements in compliance with International Financial Reporting Standards, and lodged all its tax returns as required under Mongolian tax law. The company disputes these accusations and the procedures and conclusions of the investigations that led to these accusations and will continue to vigorously defend itself and its former three (3) employees against these charges.

SouthGobi to Face Court Again over Alleged Violation of Mongolian Tax Law

An initial investigation into the allegations against subsidiary SouthGobi Sands LLC and three former employees was found to be incomplete in April by a judge of the First Instance 2nd District Court and referred back to the prosecutor general for additional investigation. SouthGobi Resources Ltd. said on June 24, 2014 that a further investigation into alleged violation of Mongolian tax law by a company subsidiary and three former employees has been referred back to court, with a trial date set for June 30, 2014. An initial investigation into the allegations against SouthGobi Sands LLC and the employees was found to be incomplete in April by a judge of the First Instance 2nd District Court and referred back to the prosecutor general for additional investigation. The company and its subsidiary have prepared its financial statements in compliance with international financial reporting standards, and lodged all tax returns as required under Mongolian tax law. The investigation has been ongoing since May 2012. The company disputed the allegations and outcomes of the investigations, saying it will vigorously defend itself and its three former employees against the charges.

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Southgobi Sands LLC, please visit --. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.