Trung Linh Phat Company's license revoked - Photo: C.DUNG
Trung Linh Phat Company Limited is headquartered in Ninh Binh, licensed in 2021. This is a leading petroleum trading enterprise operating in many provinces and cities across the country.
According to the decision signed by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, the Ministry of Industry and Trade revoked the petroleum import-export business license of this company.
The Ministry requires Trung Linh Phat Company to be responsible for returning its petroleum import-export business license. The company must also immediately pay the entire balance of the petroleum price stabilization fund and the amount owed to the fund up to the time of license revocation, along with the interest incurred, to the state budget.
For deposits, it is required to send a copy of the deposit receipt to the Ministry of Finance and the Ministry of Industry and Trade according to the law.
In March 2024, the Ministry of Industry and Trade sent a document to this enterprise requesting it to return more than VND 26 billion in the price stabilization fund it was holding, according to the decision to impose an administrative penalty by the Ministry of Finance.
Previously, the Inspectorate of the Ministry of Finance issued a decision on handling administrative violations and 19 decisions on compulsory deduction of money from 33 accounts of this company.
The reason is that Trung Linh Phat Company did not voluntarily comply with the administrative violation decision previously issued by the Inspectorate of the Ministry of Finance.
The amount deducted was more than 26.3 billion VND, including 120 million VND in fines and 26.2 billion VND in remedial costs by depositing money into the petroleum price stabilization fund account at the commercial bank where the company opened an account.
However, after nearly 9 months, this company has not yet returned the amount of money it appropriated from the price stabilization fund as required by the Ministry of Finance - Ministry of Industry and Trade, so the management agency had to issue a decision to revoke the license.
Trung Linh Phat Company has 8 branches in Ho Chi Minh City, Hoa Binh, Lang Son, Ha Giang, Nam Dinh, Tuyen Quang, Vung Tau, and Tay Nguyen.
At the time of registration change in November 2022, Trung Linh Phat Company Limited had a charter capital of 500 billion VND. At times, this enterprise had revenue of up to tens of thousands of billion VND but recorded a loss.
Comment (0)