11 Key Traders Miss Petroleum Price Stabilization Fund Audit Deadline, face Legal Consequences

In recent news, it has been reported that 11 key traders have failed to submit their audit report for the Petroleum Price Stabilization Fund to the Ministry of Industry, Trade, and Finance on time. According to Decree 80 on petroleum trading, petroleum wholesalers are required to provide an independent audit report of the Petroleum Price Stabilization Fund to the Ministry every 6 months. However, as of July 1 to December 31, 2023, these 11 key enterprises have not provided the necessary information to the inter-ministerial office.

The businesses that have not submitted their reports include 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 findings and set aside a budget for managing their stabilization fund in accordance with regulations. Failure to comply may result in legal consequences. The Ministry has already issued sanctions for administrative violations related to the stabilization fund.

The establishment of the 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