The Ministry of Industry, Trade, and Finance has announced that 11 key traders have failed to submit the audit report for the Stabilization Fund on time. According to Decree 80 on petroleum trading, petroleum wholesalers are required to send an independent audit report of the Petroleum Price Stabilization Fund every 6 months. However, between July 1 to December 31, 2023, these companies have not provided the necessary information to the inter-ministerial office.
The list of businesses that have not submitted their reports includes Nam Song Hau Petroleum Investment and Trading Joint Stock Company, Trung Linh Phat Company Limited, and Thien Minh Duc Group Joint Stock Company. These companies have been found to have violated regulations in the establishment and use of stabilization funds.
Other businesses on the list include Saigon Trading Corporation, Hong Duc Petroleum, Duong Dong Group, Southwest Petroleum SWP, Tan Nhat Minh Petroleum, Phuc Loc Ninh, Hung Hau Petroleum, and Appollo Oil.
The Ministry of Industry and Trade is urging these traders to report their audits as soon as possible so that they can set aside a portion of their profits for stabilization fund management. Failure to comply with regulations may result in legal consequences.
Establishing a stabilization fund is a condition for enterprises to obtain a business license from the Ministry of Industry and Trade. However, there is a risk of misappropriation of funds by businesses. The Ministry of Finance has taken action against violations and provided information to the Ministry of Industry and Trade for further handling.
In conclusion, it is crucial for petroleum traders to comply with regulations related to stabilization funds management. Failure to do so may result in serious consequences for both individuals and businesses alike.
