U.S. Seeks Forfeiture of New York Apartments Tied to Former Mongolian Prime Minister
Former Prime Minister’s Alleged Misuse of Mining Funds
The U.S. is taking legal action to seize two luxury apartments in New York City allegedly purchased with embezzled mining funds by former Mongolian Prime Minister Sukhbaatar Batbold. Prosecutors in Brooklyn claim that Batbold and his family acquired the properties in midtown Manhattan for a total of $14 million between 2012 and 2015.
Questionable Purchase Origins
The funds used for the real estate acquisitions reportedly originated from a suspicious $68 million mining contract awarded to Catrison Limited, a Hong Kong-registered company with ties to Batbold. Catrison, lacking mining experience, was allegedly controlled by Batbold through intermediaries, according to prosecutors.
Allegations of Corruption
Prosecutors have accused Batbold of utilizing profits from an alleged corruption scheme to purchase high-end real estate, violating U.S. federal laws. Despite serving as Mongolia’s prime minister from 2009 to 2012 and currently holding a position in the country’s parliament, Batbold has not faced any criminal charges.
Crackdown on Money Laundering
The U.S. government’s move to seize the properties aligns with a broader effort to combat money laundering in the real estate sector. A recent proposal by the Treasury Department aims to address the flow of illicit funds through American property markets, citing significant amounts laundered between 2015 and 2020.
Complex Web of Transactions
Shell companies allegedly linked to Catrison’s board member were involved in purchasing one of the apartments at the Park Imperial building for $3.9 million in 2012. Batbold’s son reportedly used this property as a mailing address when opening a U.S. bank account. Another apartment at Carlton House, purchased for $9.9 million in 2015, lists Batbold’s son as a co-owner through a company controlled by a Catrison board member.
