On the afternoon of January 4, the Government Inspectorate announced the conclusion of the inspection of compliance with policies and laws in State management of petroleum.
The conclusion notice signed by Deputy Inspector General of the Government Le Sy Bay said that this agency transferred the files of many cases to the Ministry of Public Security for consideration and handling according to legal regulations for 3 cases.
One of the three cases is "Illegal acts in declaring and paying environmental protection tax on gasoline and oil; using the Price Stabilization Fund for the wrong purpose of price stabilization at Hai Ha Waterway Transport Company Limited".
Trillions in environmental protection tax debt, leaders proposed to temporarily suspend exit
As of December 31, 2022, Hai Ha Waterway Transport Company Limited's Taxes and payables to the State reached VND 1,375 billion. Of which, VND 1,141 billion was environmental protection tax and other taxes. Following were value added tax payable (VND 163 billion), special consumption tax (VND 37.4 billion), and import-export tax (VND 34 billion).
In 2023, Hai Ha Petro was continuously named in the tax debt list provided by the Thai Binh Provincial Tax Department.
Most recently, at the end of October 2023, the Thai Binh Provincial Tax Department publicly disclosed information about 107 taxpayers who still owed taxes and other revenues to the State budget with an amount of VND 2,199 billion (as of September 30, 2023). Hai Ha Petro continues to be the enterprise with the largest debt with a total debt of over VND 1,781 billion.
Thus, compared to the end of 2022, Hai Ha Petro's tax debt not only did not decrease but also increased by 406 billion VND, equivalent to 29.5%.
Notably, Hai Ha Petro was "named and shamed" for tax debt not long after the Thai Binh Provincial Tax Department sent a notice to the Immigration Department - Ministry of Public Security requesting a temporary suspension of exit for Ms. Tran Tuyet Mai, the legal representative of Hai Ha Petro.
The reason for the temporary suspension of exit is that this enterprise is subject to enforcement of administrative decisions on tax management and has not yet fulfilled its tax payment obligations. The temporary suspension of exit is from August 30, 2023 until Hai Ha Petro fulfills its tax obligations.
Hai Ha Petro is continuously named in the list of tax debtors provided by the Thai Binh Provincial Tax Department (Photo: Plo).
Continuous losses, negative capital of more than 4,100 billion VND
Hai Ha Waterway Transport Company Limited was established on September 8, 2003 at No. 132, Residential Group No. 6, Diem Dien Town, Thai Thuy District, Thai Binh Province with representative Ms. Tran Tuyet Mai.
After many capital increases, from September 28, 2022, the company's charter capital reached more than 454 billion VND. The shareholder structure includes: Mr. To Van Tho (owns 19.3%), Ms. Tran Tuyet Mai (owns 47.8%), Ms. Tran Thi Thu Hang (owns 21.3%), Mr. Tran Van Chin (owns 9.7%) and Mr. Nguyen Manh Linh (owns 1.9%).
As of June 16, 2023, Hai Ha Petro's charter capital remains the same, but the shareholder structure has changed dramatically. Ms. Tran Tuyet Mai increased her ownership ratio to 69%, Ms. Tran Thi Thu Hang and Mr. Tran Van Chin maintained their share ratios at 21.3% and 9.7%.
Also from mid-June 2023, Ms. Tran Tuyet Mai replaced Mr. To Van Tho to become Chairwoman of the Board of Members and legal representative of the company.
Hai Ha Petro is one of the "giants" in the petroleum industry of Thai Binh province. However, the company recorded a paradox: the higher the revenue, the heavier the loss.
Specifically, Hai Ha Petro's revenue from sales and service provision in 2022 reached VND 31,643 billion, an increase of VND 9,388 billion, equivalent to 42.2% compared to 2021. Although the revenue was large but the cost of goods sold was larger, in 2022, Hai Ha Petro recorded a gross loss of VND 973 billion, a sharp increase compared to VND 18.4 billion in 2021.
Hai Ha Petro's liabilities at the end of 2022 exceeded VND 17,100 billion (Illustration photo: Tien Tuan).
Meanwhile, expenses increased sharply. Financial expenses increased from VND196 billion to VND523 billion. Selling expenses increased from nearly VND194 billion to VND666 billion. Business management expenses increased from VND27.2 billion to VND364 billion.
As a result, in 2022, Hai Ha Petro recorded a loss after tax increasing from VND 155 billion to VND 2,574 billion.
As of December 31, 2022, Hai Ha Petro witnessed an accumulated loss of VND 4,577 billion, an increase of VND 2,574 billion, equivalent to 129% compared to the end of 2021. As a result, the company had negative equity of VND 4,122 billion.
Due to negative equity, Hai Ha Petro has fallen into a situation where debt is much higher than total assets. Specifically, as of December 31, 2022, Hai Ha Petro's liabilities amounted to VND 17,142 billion, an increase of VND 3,982 billion, equivalent to 30.3% compared to the end of 2021; 1.3 times higher than the company's total assets.
In terms of payables, in addition to tax debts, some notable debts include short-term payables to sellers (VND 8,940 billion), other short-term payables (VND 2,356 billion), short-term loans and financial leasing debts (VND 2,133 billion), short-term prepayments from buyers (VND 1,501 billion)... The Price Stabilization Fund is VND 561 billion, an increase compared to VND 362 billion in 2021.
Negative capital, tax debt still invest in stocks
Hai Ha Petro is one of the petroleum companies that poured hundreds of billions of dong into stocks despite negative capital and tax debt.
Specifically, as of December 31, 2022, long-term financial investment in Hai Ha reached more than VND 504 billion. Of which, the acquisition of Central Pharmaceutical Joint Stock Company I - Pharbaco (stock code: PBC) is the most notable deal.
This deal was carried out in 2020, when Hai Ha Petro was already losing money, had negative equity (VND 1,470 billion) and tax debt (VND 1,463 billion).
While its core operations are losing money, Hai Ha Petro's financial investment activities also seem to be going backwards as PBC shares have fallen sharply. Closing the session on January 4, PBC shares stopped at VND8,900/share, down VND4,600, equivalent to 51.7% compared to the last session of 2022.
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