Ministry of Finance speaks out about bank arbitrarily collecting 270 billion debt from the Petroleum Stabilization Fund

At the regular press conference of the Ministry of Finance held this afternoon, October 5, Deputy Director of the Price Management Department (Ministry of Finance) Pham Van Binh spoke out about the bank's debt of nearly 270 billion VND from the Price Stabilization Fund of Hai Ha Waterway Transport Company Limited.

Mr. Binh informed that the enterprise reporting to the Ministry of Finance this account number is the account number for the Petroleum Price Stabilization Fund.

stabilization fund.jpg — The petroleum price stabilization fund is having many management problems.

According to him, currently, the regulations in Decree 95 require key traders in the petroleum business to have the obligation to set aside a Price Stabilization Fund, and at the same time account for and monitor the Fund separately through an account opened at a bank. Key traders must be responsible before the law for choosing the bank to open an account, ensuring the preservation of the fund balance in accordance with the regulations on setting up and spending.

Regarding the case of Hai Ha Waterway Transport Company Limited, a representative of the Price Management Department said: This trader as well as other petroleum traders have also complied with the regulations on the Fund and reported the account number of the Price Stabilization Fund to the Ministry of Finance and the Ministry of Industry and Trade .

The monitoring and inspection of this fund balance is the task and responsibility of the Ministry of Finance and the Ministry of Industry and Trade.

"The main trader has sent information about this account number to the Ministry, and at the same time, there is a monthly report on the transfer of the fund balance according to the management of the competent state agency. The content of the account statement also clearly shows the content related to the establishment and disbursement of this Price Stabilization Fund," Mr. Binh affirmed.

Regarding the recovery of nearly 270 billion VND in debt from the account that Hai Ha Company claimed was the Price Stabilization Fund account, the representative of the Price Management Department said that the Ministry of Finance also sent a document to the State Bank for joint direction and coordination in implementation, then sent a document to the bank that arbitrarily collected the debt on this issue.

“The Ministry of Finance has recently coordinated with relevant departments to deal with this issue. The competent authority will clarify this responsibility in the near future,” Mr. Binh shared.

Providing additional information on the management of the Petroleum Price Stabilization Fund, Deputy Minister of Finance Nguyen Duc Chi said: Recent developments in the management and use of this Fund by enterprises have raised the requirement for management agencies to do better, manage more closely, and be more transparent in the formation and use of the Fund.

Nearly 4 months after being discovered, the 270 billion VND of the Price Stabilization Fund that was owed to petroleum businesses by the bank has not been returned. This story reveals worrying issues in the management of the Price Stabilization Fund - which is money contributed by the people.

Source