KPMG Forms Alignment to Expand Capabilities in Mongolia

Agreement with NIMM Audit creates country's largest audit, tax and advisory services provider

HONG KONG, March 18, 2012 /CNW/ - KPMG in Mongolia and NIMM Audit, a leading Mongolian professional services company, have agreed to align as KPMG LLC -- forming a combined team including 50 local audit, tax and advisory professionals along with seconded industry experts from other KPMG member firms that will establish KPMG as the largest service provider of its kind in Mongolia, KPMG International announced today.

The move demonstrates the strategic importance of Mongolia to the KPMG network, strengthening the ability to assist clients in the country's critical growth sectors including energy and natural resources, infrastructure and financial services. Mongolia has gained greater global attention with stock market performance that has led the world over the past decade, rapidly increased foreign direct investment and double-digit GDP growth.

"We are delighted that NIMM is joining the KPMG organization, and we are excited about the opportunities to help clients prosper in the fast-growing Mongolian economy," said Michael Andrew, Chairman, KPMG International. "NIMM brings an extraordinary depth of local knowledge, combined with KPMG's strength across audit, tax and advisory, that's a critical advantage in this rapidly changing market."

Andrew said there are solid growth prospects in Mongolia, largely driven by the vast untapped mineral reserves and need for infrastructure development. "Globally, KPMG has very strong Energy and Natural Resources and Infrastructure practices, with deep experience to support the new Mongolian firm and contribute to these important projects," Andrew said.

KPMG is dedicated to providing world-class services to its clients in Mongolia, who expect the same high standards of risk management and quality control that they find worldwide. To achieve this, the new member firm will be led by a senior KPMG partner, Edward Kim, who has extensive audit, transaction services, risk management and marketing leadership experience with KPMG members firms in Australia and Korea.

Kim will work alongside L. Enkh-Amgalan, managing partner, NIMM Audit, who has more than 25 years of professional experience in Mongolia and serves as the President of the Mongolian Institute of CPAs.

"This is an important time in the Mongolian economy, and we are very proud to have teamed up with KPMG," said Enkh-Amgalan. "Our nation has a bright future, and the joint venture with KPMG will be critical in serving our growing international and Mongolian client base."

For further information, contact:

Edward Kim
Partner, Samjong KPMG, Inc.
[phone]

Matthew Holmes
Communications, Samjong, KPMG, Inc.
[phone]

Kent Miller
Communications, KPMG International
[phone]

About KPMG

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

SOURCE KPMG