MSX Resources loses influences in Mongolia

A subsidiary of MSX Resources, Polish construction company and developer, lost its rights to shares in firms exploring for resources in Mongolia, Puls Biznesu daily reported. Tarantoga Capital, a fund which was supposed to finance the exploration project did not pay their Mongolian partners, the daily informed. MSX argues that the fund had been hiding information about liabilities, which its subsidiary had toward Mongolian Universal Mineral Exploration (UME). UME informed MSX that it withdrew from all of the contracts singed with Tarantoga in February. MSX Resources has been operating in Poland for over 50 years, it focuses on eastern markets.