Unstable management of the Stabilization Fund
As of September 29, the bank collected the debt by arbitrarily taking money from the Petroleum Price Stabilization Fund opened by Hai Ha Waterway Transport Company Limited, and has not yet returned the money to the Fund. VietNamNet reporters sought answers from the bank and the authorities but have not received any response, saying they are “waiting for the authorities to clarify.”
Thus, the fate of nearly 270 billion VND in the Petroleum Price Stabilization Fund contributed by people when buying petroleum is still unclear, even though businesses have "reported" it to the Ministry of Industry and Trade - Finance since June.
The question is whether the bank really did not know that the account was opened to hold money for the Petroleum Price Stabilization Fund contributed by the people, so it kept collecting it to offset the business's debt?
The bank can only "not know that the account is for the Petroleum Price Stabilization Fund" if when the enterprise opens this account, it does not clearly state the purpose of the account.
Referring to a report on the account number of the Petroleum Price Stabilization Fund sent by enterprises to the Price Management Department (Ministry of Finance), the reporter found that the information listed is very detailed, including: Account number, account holder's name, opening date, account opening location, account type.
In particular, in the account type section, the enterprise clearly states: Non-term payment account (purpose: Petroleum price stabilization fund).
If Hai Ha Waterway Transport Company Limited established a detailed account like the one mentioned above, it would be impossible for the bank to not know and "misdeduct".
If the purpose of creating the account is not clearly stated by the company, causing confusion with other accounts in the company's name, the company must be held legally responsible.
Assuming the purpose of the account is not clearly stated, then for many years, Hai Ha Waterway Transport Company Limited has been setting up and spending the Petroleum Price Stabilization Fund according to the "order" of the Ministry of Industry and Trade - Ministry of Finance into which account? How is the withdrawal and deposit of money into the Fund carried out when there is an order from the Ministry?
Since 2014, Joint Circular No. 39 of the Ministry of Industry and Trade - Ministry of Finance has also specifically regulated the responsibilities of commercial banks - where the main traders open Fund accounts.
Accordingly, on the 1st of every month, commercial banks - where key traders open deposit accounts for the Petroleum Price Stabilization Fund - must send statements of transactions arising from the Fund's deposit accounts to the Ministry of Industry and Trade (Domestic Market Department) and the Ministry of Finance (Price Management Department). In which, clearly show the Fund balance at the beginning of the reporting period; the amount set aside for the Fund during the reporting period; the amount used for the Fund during the reporting period...
“At the end of the fiscal year, the main trader and the commercial bank are responsible for synthesizing and reporting on the situation of setting up and using the Price Stabilization Fund... to the Ministry of Industry and Trade - Ministry of Finance,” Circular 39 stated.
The quarterly and annual financial reports of petroleum enterprises still have an item for the Price Stabilization Fund with full information related to the balance, provisions, expenditures...
Therefore, it is hard to believe that any bank cannot distinguish which account is for the Petroleum Price Stabilization Fund when Hai Ha Company has been operating in the petroleum industry for many years.
The above regulations have been implemented since 2014, and before that were the regulations in Circular 234 of 2009 on Funds, so how could the banks still not know?!
Warning on the use and management of the Petroleum Price Stabilization Fund
From the story of hundreds of billions The Fund's money was misappropriated by the main petroleum trading companies Xuyen Viet Oil, Duong Dong Hoa Phu, Thai Son BQP, and the fact that Hai Ha had nearly 270 billion VND of debt deducted by the bank from the Price Stabilization Fund account shows that the use and management of money from this Fund is very alarming.
It must also be added that Circular 234 of 2009 and Circular 39 of 2014 have clearer and stricter regulations regarding the responsibility for managing the Price Stabilization Fund compared to Circular 103 (effective from January 2, 2022). Because Circulars 234 and Circular 39 both specify in detail how much money the enterprise must open in the Price Stabilization Fund account, how to account for it, what the bank's responsibility is, etc.
Circular 103, on the other hand, gives almost all the power to petroleum enterprises. If we encounter weak and loss-making enterprises, then placing the Fund in the enterprise without regular and continuous supervision is no different from "letting the chickens out to chase".
At this time, the authorities need to quickly step in to clarify the above issues, to reclaim nearly 270 billion VND of the Petroleum Price Stabilization Fund from the people.
“If the commercial bank has collected the debt as above, it must immediately repay the Price Stabilization Fund. In case of delay in repayment, the Ministry of Finance and the Ministry of Industry and Trade - the state management agency of the fund - have the right to transfer the file to the law enforcement agency for handling,” Mr. Nguyen Tien Thoa, Chairman of the Vietnam Valuation Association, suggested.
Source
Comment (0)