Mongolia embroiled in a major corruption scandal over the allocation of educational loans

An audit report reveals the State Educational Loan Fund has been plagued by violations and corruption since 1997 when it began granting loans to students pursuing Higher education abroad. The main finding of the investigation is that 90 percent of the loans were granted to high-level officials, their children, and those who had access to confidential information. There was no transparency or fair competition in the allocation of loans.