Xuyen Viet Oil has yet to pay back more than VND200 billion to the Petroleum Price Stabilization Fund despite having its license revoked since August 2023, according to the Ministry of Industry and Trade.
The Ministry of Industry and Trade recently urged Xuyen Viet Oil to pay more than VND212 billion to the Petroleum Stabilization Fund that the company owes to the state budget. In addition, they also have to pay additional interest due to late payment.
Since August 2023 - the time this enterprise had its license revoked, the Ministry of Finance and Industry and Trade have sent documents at least three times and called many times to urge it, but have yet to receive a response from this enterprise.
Xuyen Viet Oil used to be one of nearly 40 petroleum trading hubs, accounting for nearly 10% of the country’s market share. The company had its petroleum import-export license revoked in August last year, due to violations in its business operations and misappropriation of the Price Stabilization Fund.
According to Decree 95 on petroleum trading, the Petroleum Price Stabilization Fund is established at enterprises when the Ministry of Industry and Trade grants business licenses to key enterprises. However, this leads to the risk of enterprises misappropriating the fund, according to the conclusion of the Government Inspectorate in January.
Sharing with VnExpress , a leader of the Price Management Department (Ministry of Finance) said that the petroleum management agency has measures to enforce and recover money appropriated from the Stabilization Fund by businesses. However, the case of Xuyen Viet Oil is under investigation, assets are frozen, so "a coordination mechanism with the police is needed".
"The management agency will follow the decision of the competent authority later, if it has to declare or auction assets to recover debt," he said.
In September 2023, the Ministry of Public Security's Security Investigation Agency prosecuted and detained the company's director, Ms. Mai Thi Hong Hanh, Director of Xuyen Viet Oil, for violations in the management and use of state assets, causing loss and waste. Several leaders of the Ministry of Industry and Trade and the Price Management Department (Ministry of Finance) were also arrested for violations related to the case at this enterprise.
According to the conclusion of the Government Inspectorate, in addition to "holding" the Price Stabilization Fund, Xuyen Viet Oil still has a tax debt of nearly 1,530 billion VND, mainly environmental protection tax, as of October 2023.
This enterprise also has nearly 5,500 billion VND of bad debt at 4 banks. The banks are selling mortgaged assets such as real estate and oil depots of Xuyen Viet Oil in Ho Chi Minh City and Binh Thuan to offset the debt.
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