"These allegations were just wrong -- there were no facts and none were put on the table," said J. Peter Morrow, chief executive of Khan Bank, with 475 branches nationwide. "A lot of Mongolians believe the demonstrators were paid, and it got out of control."
Voters were concerned about inflation, jobs and corruption. The country has suffered 26% year-on-year price increases given that most of its oil, meat and cereals are imported.
The U.S. Embassy, which contributed 23 election monitors, expressed concern. "We call on all political parties to work together in the best interests of the people of Mongolia," it said in a statement.
Foreign business executives said they welcomed the fact that one side, no matter which it was, won a clear majority after years of political deadlock, fueling hope that investment projects could be approved.
Direct foreign investment in Mongolia rose to $500 million last year, according to the Asian Development Bank.
Mining interests say approval of the long-delayed Oyu Tolgoi copper and gold project in the Gobi region would boost the economy by 33%.
"I think the police were a bit unprepared," Morrow said. "There hasn't been violence like this in Mongolia maybe since Genghis Khan. . . . I think it will pass relatively quickly."
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mark.magnier@latimes.com
