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I studied political philosophy in college at the London School of Economics. I have experience in trust banking. I have been published in the UB Post, Forbes Asia, and on Seeking Alpha. Frontier and emerging markets research and writing is my work. Sri Lanka and Mongolia are the primary focus of... More
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  • Former Prime Minister And President Enkhbayar Arrested 32 comments

    Readers and Mongolia investors may want to familiarize themselves with former Prime Minister and former President Enkhbayar. In January of 2011 (last year), Mr. Enkhabayar reclaimed the name of the former communist ruling party, the Mongolian People's Revolutionary Party [MPRP], which he re-started as a new party to run in opposition to the two larger parties in this year's June 2012 elections, the ruling Mongolia People's Party (the MPP, which is the original MPRP that was renamed after the end of communism) and the Democrat Party [DP].

    In the 76 member parliament currently 45 members are MPP and 27 are DP (72 of 76 members belong to the two largest parties).

    Mr. Enkhbayar was arrested this morning.

    One person who e-mailed me noted, "Ex-president Enkhbayar has been forcefully arrested this morning (at 5:50AM) and is now in prison. This is a powder keg that may well explode. All embassies and agencies in town are urging citizens to stay home or indoors."

    Mr. Enkhbayar, in a different fashion than Mr. Battulga who I discussed in part 2 of my article on Mongolia Mining Corporation, is very popular with the people. (There were wholly unfounded rumors while I was in Mongolia in February 2012 that an alliance might be formed between Mr. Enkhbayar and Mr. Battulga. While these rumors are baseless, the point is these are both variations on populist candidates that hold political influence over the general public.)

    Two links to aid further knowledge:

    There will be a lot of gossip and misinformation about Mr. Enkhbayar's arrest and events in Mongolia that unfold as a result of his arrest. I would not be surprised to see the worst elements of this sensationalized and emphasized by media reports.

    I will do my best to get more accurate and calm information when it is available.

    A complete list of my disclosures regarding Mongolia may be found at the Mongolia Weekly Update which also serves as my home page for Mongolia-related topics.

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  • SMaturin
    , contributor
    Comments (2268) | Send Message
    Thanks, Jon.


    Interesting Times in Mongolia.


    Frontier's note had an interesting conclusion that in the long run, it may signal better rule of law via anti corruption prosecutions, which is good for long term investors. In the short run, perhaps an opportunity to bottom feed for stocks of good companies.


    Keep us informed.
    13 Apr 2012, 03:06 PM Reply Like
  • SMaturin
    , contributor
    Comments (2268) | Send Message
    Here is more detail.


    13 Apr 2012, 03:15 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Thanks for those links SMaturin ! Much obliged.


    The FT article (first link) is written by Oliver Belfitt-Nash of Monet Capital brokerage in Mongolia.


    I would like to clarify that Mongolia political and business relationships are a tangled web. However, the below is to clarify that people tend to be interconnected because the community is small, and NOTHING is suggested by providing the below chain of relationships. There are many other chains of relationships like these. The below is an example, nothing more.


    Here is Monet Capital's Board of Directors (, among them, 3 of 4 members include the Deputy CEO, Chairman & CFO of Altai Holding company. The CFO of Altai Holding is also the CEO of Monet Capital.


    For what its worth, the only non-Altai member of the board is Ganzorig Ulizibayar, President of Mandal Insurance - the insurance subsidiary of Mongolia Growth Group.


    Here is the Prime Minister's public resume on the parliament's website:


    Here is an interview with Prime Minister Batbold from April 2011 ( In this interview, I suggest you do a Control-F (or Command F on Apple computers) search for "Altai". Then you can read the relevant questions and answers (not the best translation, but you can get the point). Prime Minister Batbold was a successful businessman before he was Primer Minister. Altai Holding company was a vehicle of that success with which I believe he is still affiliated.


    Jon, in Fredonia, NY (again)
    13 Apr 2012, 10:02 PM Reply Like
  • EBennett
    , contributor
    Comments (5) | Send Message
    The Prime Minister owns Altai Holdings - this is a well known fact within Mongolia. He is almost certainly a billionaire.
    14 Apr 2012, 02:23 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » News reports around the world are thin. Via e-mail I was told that protests were planned for 5pm local time Saturday (2 1/2 hours ago) if Mr. Enkhbayar was not release from jail.


    Here's the thin coverage globally.




    Miami Herald (via AP news wire)


    UB Post from Friday, initial brief article on arrest:
    UB Post from Friday, Supported demand Enkhbayar's release


    From around the world (Google translate will work on almost all of these) -
    China: (bio includes list of his important visits to China)
    Greece (seems to be Voice of Russia feed):
    Malaysia (? - Google translate doesn't work)
    Norwegian (Voice of Russia):
    Portuguese (Voice of Russia):
    Spanish (Voice of Russia):
    Swedish (Voice of Russia):
    14 Apr 2012, 07:39 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Here's a couple of posts from a blogger in Mongolia:


    - this one discusses the arrest at length in ways not elsewhere seen in the media, including pictures of four other Members of Parliament present at the arrest, a picture of Enkhbayar's feet in the air above police, and a picture of the quantity of police present at the arrest


    - this one is on a different topic, this about the current Minister of Justice and his contentions with Mr. Battulga


    I follow this blog but do not cite it in my normal news feed as it is not a news agency.
    14 Apr 2012, 07:53 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Just tracking how this story spreads around. The question is what the markets do with it Monday. It has yet to hit Bloomberg and I haven't seen anything in Australia yet (important, since their markets open first).


    New data/pictures:


    UB Post (excerpt of the one of the controversial transcripts which Mr. Enkhbayar was releasing which led to his arrest; a lot of bickering and finger pointing)


    Dawa News (pictures of protests on Sukhbataar Square Friday)


    Voice of Russia, article titled, "Calm returns to Ulan Bator after protests" yet it says "Uneasy calm has returned to the Mongolian capital of Ulan Bator after protests... Foreign embassies are operating in emergency mode."


    Info Mongolia, "Who Said What?" (quotes from fives interesting sources)


    AFP, "The former president told TV9 -- a 24-hour television channel that was present at the time -- that he refused to give any form of testimony. He also claims that police are violating his immunity."


    Ottavia Huang (5 minute video of police arrival at Enkhbayar's home embedded, long thoughtful post, skip video from 2 min to 4 min mark (then goes outside), report over 600 police involved (highest number reported yet))
    Nomad Green:
    Direct Democracy & Civil Liberties (James T. Areddy)


    Other news agencies:
    Xinhua (2 pictures; same as Dawa article)
    InfoMongolia (arrest story)
    China Post
    Tapei Times
    New York Times (AP feed)
    Nikkei News
    Bangkok Post
    WSJ Blog
    Angola Press
    14 Apr 2012, 10:38 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » State Run Montsame Newspaper explains the arrest:


    Ulaanbaatar, Mongolia, April 13 /MONTSAME/


    The Anti-Corruption Agency (ACA) highlighted on Friday at 2 pm. the reasons of the arrest of N.Enkhbayar.


    In the Press Institute, present were E.Amarbat, the head of the ACA investigation section, and D.Tsoodolsengee, a head of the ACA fact-finding section.


    E.Amarbat said the reasons "have been profoundly grounded".
    Summons were sent to N.Enkhbayar and his advocate ten times to have him given testimonies but he never came to do it and "did not even give a valid excuse,”, that is why it became inevitable to take a strong legal measure, he said.


    All the materials, documents and curcumstances had been investigated since 2010 and then presented to the court and prosecutor. Eventually, the city Sukhbaatar district's court issued an order at around 5.00 pm on April 12 to arrest the suspect.


    The ACA officials said a guard of N.Enkhbayar threatened the policemen by a gun while the arrest was to begin. Enkhbayar went to the house, ignoring the court resolution, and locked the doors inside. When finally the police entered the house and sounded the paper, neither Enkhbayar nor his advocate accept it, "and then the police had to use a lawful force," he said.


    According to the materials, criminal proceedings have been initiated over N.Enkhbayar on illegal privatization of the Ulaanbaatar Times newspaper and the “Orgoo” hotel, based on complaints from J.Enkhjargal and L.Sergelen citizens. N.Enkhbayar also has been accused with illegally possessing TV channel facilities which were presented from Japan for Mongolia's Buddhists, with illegally instructing the Erdenet corporation on selling its products to one person who eventually "gained" many million dollars.


    In October 19 of 2011, N.Enkhbayar was convicted as a serious criminal after the investigation by a joint commission.


    E.Amarbat said N.Enkhbayar has been called as the suspected, and might be imprisoned for over two months as a defendant.
    15 Apr 2012, 07:39 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Please note this article is quoted in full because hyperlinks to state-run Montsame do not work and only lead to the home page in Mongolian. As soon as this issue is correct, articles from Montsame will be hyperlinked as others are.
    15 Apr 2012, 02:46 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » N. Enkhbayar will not be released on bail
    April 14 (UB Post)


    The Government will not release detained former President N. Enkhbayar on bail. The demand for him to be freed within 24 hours of his arrest, issued by his supporters from the Mongolian People’s Revolutionary Party (MPRP) yesterday evening has not been met by Parliament.

    15 Apr 2012, 07:56 AM Reply Like
  • SMaturin
    , contributor
    Comments (2268) | Send Message
    The comments are more interesting than the article in that one.


    Clearly there are heavy politics at play and power is being fought over using corruption charges and legal force. Let us hope that rule of law prevails.
    15 Apr 2012, 10:31 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Here's a lot of links from Free Enkhbayar speeches. The speeches are in Mongolian and I can't tell you what they say (if anyone who can would like to summarize, please do). I can tell you who is speaking though.


    Former Prime Minister Enkhsaikhan. Mr. Enkhsaikhan became Mongolia's first prime minister that was not a member of the former ruling communist party in 1996. Here is his Wikipedia page (in English)


    Mr. Enkhsaikhan's speech, part 1:
    Mr. Enkhsaikhan's speech, part 2:


    Ms. Udval, Secretary General of the MPRP
    Part 1
    Part 2


    Mr. Jargalsaikhan "Jagaa" Bazarsad. As his Wikipedia page indicates (, he served in parliament as the one representative of the Mongolian Republican Party from 2004 to 2008, and in 2008 his party won no seats. He is also the founder and owner of Buyan Holding Company. His speech:


    Speech by Uyanga. (I don't know who this is.)
    15 Apr 2012, 11:27 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Pretty good blog with some historical background data (from 2008) from Lauren Knapp: (if the web tells the truth, Lauren is in Mongolia on a Fullbright scholarship
    15 Apr 2012, 11:42 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Here's an article from News . mn


    It says the MPP (the party in power with 45 of 76 seats in parliament) organized a demonstration Friday for the release of former Prime Minister and President Enkhbayar.


    It also says “Police has ignored its duty to provide citizens’ tranquility and public order when it has arrested ex-president N.Enkhbayar at night of April 12 to 13. Police employees have significantly violated the Constitution and immunities of MPs. Justice and Internal Affairs Minister Ts.Nyamdorj must take accountability of wrong action of politics and ethics”. They want Mr. Nyamdorj (who is from their party) to resign?


    Additionally, the article says some members of the MPP may leave the party and join Mr. Enkhbayar's MPRP.


    This article is not yet confirmed by any other source and should not be viewed as reliable until such time as it is confirmed.
    17 Apr 2012, 06:50 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Another blogger:


    "Officials said Enkhbayar will remain in prison for 12 days while interrogators question him on the charges."


    "Officials announced the reasons for Enkhbayar’s arrest to the press following the public outcry. The lead investigator to the case for the Anti Corruption Authority, E. Amarbat, said the former president has been investigated since February 2010 for his private use of public funds.


    "“We attempted to hand [Enkhbayar] a summons for his questioning 10 times, and each time he refused”, said Amarbat. The official added that his agency tried to reach him at his home and office to no avail.


    "Enkhbayar has publicly vowed to refuse all questionings by investigators on the matter.


    "The three main charges are the illegal privatization of local newspaper Ulaanbaatar Times, the illegal privatization of the Urgoo Hotel in his sister Enkhtuya’s name, and the use of donated equipment from Japan to open his own television studio and the station TV-9."
    17 Apr 2012, 06:56 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » By the way, this is the blog of Terrence Edwards who is also the English language editor for Mongolian Economy.
    18 Apr 2012, 11:47 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Lots of detail translated into English by the UB Post.


    This one link includes:
    - interview with Mr. Enkhbayar shortly before his arrest
    - interview with the Independent Authority Against Corruption [IAAC]
    - interview with police defending the use of force in the arrest
    - interview with Mr. Enkhbayar's attorney who says the arrest is illegal
    - interview with Mr. Enkhbayar's wife
    17 Apr 2012, 10:26 PM Reply Like
  • SMaturin
    , contributor
    Comments (2268) | Send Message
    What a tangled web of drama!


    Thanks for the links.
    18 Apr 2012, 10:27 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » As the news still moves around the world. Jonathan Manthorpe at the Vancouver Sun (a good man who gave me good advice before my first trip to Mongolia).


    "The arrest 10 days ago of former president and now leading opposition leader Nambar Enkhbayar by agents of Mongolia’s Independent Authority Against Corruption (IAAC) is being widely seen as more of an example of extreme partisan politics than of an effort by the administration to come to grips with corruption."


    Full article:
    23 Apr 2012, 07:20 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » 9 claims to resign the Minister for Justice and Home Affairs Ts.Nyamdorj (i.e. 9 MPs want him to resign over the arrest of Mr. Enkhbayar)


    Arrest of former President Shocks nation (more reactions from the UB Post)
    23 Apr 2012, 10:37 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » "The International Federation of Journalists (IFJ) and its affiliate the Confederation of Mongolian Journalists (CMJ) are deeply concerned by reports that B. Jargalsaikhan, leader of Mongolia’s Republican Party, interfered with the reporting of the daily newspaper Mongoliin Medee on April 12, 2012."


    "It is alleged that after having completed an interview with Mongoliin Medee’s B. Davaa, intended for publication the following day, Jargalsaikhan and his supporters took steps to ensure the interview would not be published. The change of heart was apparently connected to the arrest of former Mongolian President N.Enkhbayar by the Independent Authority Against Corruption (IAAC) that same day."


    Full article:
    23 Apr 2012, 11:04 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Was looking over a list of the 100 richest Mongolians from last year. Mr. Enkhbayar is # 96... but seems to be the first arrested on corruption charges.
    26 Apr 2012, 12:08 PM Reply Like
  • Investigatins
    , contributor
    Comment (1) | Send Message
    The previous comment is full of it: In August 2007, the City Council formed the state owned Urgoo Hotel. 10 days after the formation, the Governor of Ulaanbaatar Ts. Batbayar transferred 75% of the shares worth 137 million MNT to a private company called Khar dun. B. Khuyag who is the brother of the Deputy Assistant of N.Enkhbayar, B.Tulga, owns Khar dun. He has evaded investigation and his whereabouts are still unknown. Not long after, the Pemif Company claimed the Urgoo Hotel, worth 1.2 billion MNT, through a filing made by Batshugar who is the son of N. Enkhbayar. The administration of the Ulaanbaatar Times was privatized, but the owners did not fulfill their responsibilities, and sold a property worth 2.1 billion MNT for 369.7 million MNT to a management team lead by Do. Chuluunbaatar invested by the Media Holdings Division of Escon, owned by N. Enkhtuya, who is N. Enkhbayar’s sister. In 2000 when he was the head of a minority group in Parliament, N. Enkhbayar kept media equipment donated by the Japanese Buddhist community intended to spread the word of Buddha. The equipment was worth USD 113,000 and sent it instead to TV9.Furthermore, Enkhbayar tried, with a person named J. Myagmarjargal, to commit fraud by creating a contract to supply steel from Erdenet to Helon Company Ltd and the Great Global International, located in Hong Kong. Enkhbayar himself directed the contract, which caused USD 3.3 million worth of damage to Erdenet.
    8 May 2012, 11:21 AM Reply Like
  • tripleblack
    , contributor
    Comments (13581) | Send Message
    M. Investigatins: You have posted a long list of grievances, none with any supporting documentation, though I am not stating they are worhtless in any event...


    But you bring nothing to the blog to indicate that the "previous comment" ranking M. Enkhbayar as the 96th richest Mongolian (and as far as we know, the first arrested on corruption charges) is in any way in error.


    It would appear that you need to do more reading from the laboriously documented comments made by the author and less posting of non sequitur insults.
    8 May 2012, 11:45 AM Reply Like
  • tripleblack
    , contributor
    Comments (13581) | Send Message
    LOL, oh, and please be aware that Jon (as the author) has the power to simply delete any offending comments.


    (Jon, you have my support should you choose to do so, including deleting these 2 comments of mine which have no meaning without the original malefactor in any event).
    8 May 2012, 11:47 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Actually, I would welcome further comments by Investigatins.


    I want to hear about how none of the 95 richest Mongolians ever committed any acts of corruption.


    I want to know that stories of illegal smuggling of coal and cashmere by them are false.


    I want to know how their illegal structures on Zaisan (a nature reserve in the south of UB over-run by buildings) is false.


    I want to know how the illegal transfers of property, and bribes for parcels of property, rumors are false.


    I want to know that people who were in the former communist government didn't opportunistically snatch up mining licenses they knew to be valuable for pennines on the dollar.


    I want to hear that there's never been a bribe handed out for a mining license.


    I want to know there aren't people with trucking businesses blocking the development of Mongolia's railways for personal gain.


    I want to know how the government is intentionally robbing the people of shares in the Erdenes Tavan Tolgoi IPO by giving them a pittance of $765 for their shares (that will create inflation) and then selling them on the cheap to the wealthy people (who are also coincidentally members of the government).


    Really Investigatins? This incident about a little tiny boutique hotel (in which I have stayed) is why Enkhbayar was arrested? You don't think he was arrested because he showed he was willing to expose the corruption in the 95 people ahead of him? Because that's what it looks like to me.


    HOWEVER. I am NOT saying that the corruption in Mongolia is particularly bad. You can make the same arguments for any other country in the world - including the U.S. - being comparably corrupt. The corruption in Mongolia is a bit more transparent because the scale is small, so it is more easily seen. Mongolia's corruption is by no means exceptional, but to say Mr. Enkhbayar is particular more corrupt than the 95 people more wealthy than he is absolutely absurd. Some people wealthier than him are no doubt more corrupt, and some are no doubt clean and not corrupt at all.
    8 May 2012, 01:55 PM Reply Like
  • dulleyefarmer
    , contributor
    Comments (16) | Send Message
    How can the rankings be accurate when a lot of Enkhbayar's assets are hidden and protected by the State Secrets Act? He owns the Trade and Development and Agricultural Banks which is hidden.This idea that he is 96th on an inaccurate list and somehow persecuted is ridiculous.
    15 Sep 2012, 08:06 PM Reply Like
  • dulleyefarmer
    , contributor
    Comments (16) | Send Message

    The Mongolian State Secrets Law
    15 Sep 2012, 08:07 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » May 8, 2012


    Copying relevant data from my weekly update this week.


    1st) Here’s a new link at top to a list of news sources you can follow from which I get most of the news in these updates:


    2nd) If you’re reading this, please click this video to support democracy and transparency in Mongolia . I do not endorse the content of the video or the position of the politicians involved. However, this is an important event in the country’s democracy and we should care, and show that we do.


    3rd) Ivanhoe/Rio/SouthGobi/... drama continues:


    3a) The most sensationalist headline of the week award goes to Frik Els with, “Report: Mongolia going the way of Zimbabwe with mandatory state control of foreign miners”


    3b) Enkhbayar delivered to prosecutors office:


    3c) Reuters cites Mr. Enkhbayar’s lawyer as saying his arrest is about getting him out of the elections


    3d) The Wall Street Journal cites “Mark C. Minton, who served as U.S. ambassador to Mongolia from 2006 to 2009, said the treatment of Mr. Enkhbayar is "not only an image problem. That's a problem for the credibility of the rule of law in Mongolia."”


    3e) The Wall Street Journal also thinks there is something amiss in Mongolia


    3f) There are reports that Mr. Enkhbayar began a hunger strike this past Friday and is in deteriorating health


    3g) Prime Minister S.Batbold [in a parliamentary hearing about Mr. Nyamdorj, head of the Ministry of Justice] replied: “Legislative organizations investigated and concluded that Ts.Nyamdorj didn’t break the law, and the arrest operation of N.Enkhbayar was in compliance with the law. Any issue is decided by the majority votes. MPs pursued the principle.”


    3h) The FT, Corruption Case Looms Over Mongolia:


    3i) Complicating Understandings of Mongolian “Resource Nationalism” Ahead of the Parliamentary Elections (blog by a Princeton anthropology Ph.D. candidate in Mongolia)


    3j) New foreign investors law not likely to be retroactive (Reuters)


    3k) Suspension of SouthGobi Sands License was a warning sign to Ivanhoe Mines (UB Post) (interview also claims Oyu Tolgoi reserves estimates will be increasing)


    3l) Son of Mr. Enkhbayar speaks out (UB Post)


    3m) Mongolia policy worries hit SouthGobi deal (Reuters)


    3n) Steppe in an ugly direction (The Economist)


    3o) Mongolia: mine ownership gets political (FT)


    3p) Mongolia considering foreign investment rules, Ivanhoe and Chalco say (Canadian Business)


    3q) Supporters of Former Mongolian President Nambaryn Enkhbayer Release Video of his Arrest (Sacramento Bee) (which came from Marketwatch/PRNewswire)


    3r) (English subtitles on related YouTube video)


    3s) Ivanhoe CEO Loses in Rio ‘Chess Game’ Over Mongolia Mine (Bloomberg)


    3t) Ivanhoe Mines names new CEO, CFO, under Rio Tinto regime


    More from the past two weeks here:
    8 May 2012, 02:05 PM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » An interview with Member of Parliament, and leading voice against corruption, Mr. Temuujin, from the Democrat Party.


    Mr. Temuujin is building a reputation for his voice in politics.
    9 May 2012, 01:05 AM Reply Like
  • mkhatun119
    , contributor
    Comment (1) | Send Message
    Hey just wanted to give you a quick heads up and let you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same results china post tracking
    18 Jun 2012, 07:59 AM Reply Like
  • Jon Springer
    , contributor
    Comments (4073) | Send Message
    Author’s reply » Thank you. If you could let me know what you're trying to view that is not loading correctly, I'll see if a working link is still available.
    19 Jun 2012, 10:22 AM Reply Like
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