Naming the "big guys" of petroleum that violated the BOG Fund like Hai Ha Petro

Many businesses violate the Petroleum Price Stabilization Fund

On January 23, the Ministry of Public Security's Investigation Police Agency initiated a criminal case of violating regulations on management and use of state assets causing loss, waste and violating accounting regulations with serious consequences, occurring at Hai Ha Waterway Transport Company Limited and related units. Ms. Tran Tuyet Mai - Chairwoman of the Board of Members and General Director of Hai Ha Waterway Transport Company Limited was also prosecuted and temporarily detained.

The company’s leaders were prosecuted for violations of the Petroleum Price Stabilization Fund (BOG). The story of the use of the Petroleum Price Stabilization Fund at Hai Ha has also been clearly reflected.

According to the Government Inspectorate , the petroleum wholesale enterprise, Hai Linh Company Limited, transferred the amount of money set aside and spent into the BOG Fund account, but then transferred it to the enterprise's payment account for use with a total amount of over VND 2,551 billion (accumulated data of the periods).

The inspection agency has recommended recovering over VND 2,551 billion that Hai Linh Company Limited used for the wrong purpose and returning it to the BOG Fund.

Tin Nghia Petroleum Import-Export Joint Stock Company also did not transfer the BOG Fund money to the Petroleum Price Stabilization Fund account but left it in the company's payment account with an amount of up to 31 billion VND.

Nam Song Hau Petroleum Investment and Trading Joint Stock Company was also pointed out by the Government Inspectorate for "double" violations when it both owed environmental protection tax and misused the Petroleum Price Stabilization Fund.

According to the conclusion of the Government Inspectorate, Nam Song Hau Petroleum Investment and Trading Joint Stock Company misused the BOG Fund for more than VND 916 billion. The outstanding environmental protection tax (as of September 2022) is more than VND 795 billion.

Or Xuyen Viet Oil Trading, Transport and Tourism Company Limited also owes the Petroleum Price Stabilization Fund over 212 billion VND. The company's leaders have been arrested, and the company's equity is negative over 462 billion VND.

Many violations occurred at Hai Ha Waterway Transport Company Limited. Screenshot of the company's website

How to handle?

Regarding the direction to resolve violations of the Petroleum Price Stabilization Fund, Mr. Pham Van Binh - Deputy Director of the Price Management Department (Ministry of Finance), said that after the conclusion of the Government Inspectorate clearly stated the shortcomings and inadequacies, the Ministry of Finance issued a document requesting petroleum key enterprises to review and report on the overall contents related to this fund.

The Ministry of Finance requires businesses to urgently overcome existing problems, strictly implement the conclusions of the Government Inspectorate, and properly and fully allocate and spend the petroleum price stabilization fund according to legal regulations.

According to Mr. Binh, the fund balance, the improper use of the fund, the improper transfer of regulations... are related to many price management periods, the data chain is quite large, so the Ministry of Finance is asking the key petroleum enterprises to review and ensure strictness. The Ministry of Finance also invited each related enterprise to discuss and clarify the data.

Regarding Hai Ha Waterway Transport Company Limited, Mr. Binh said that the Ministry of Finance has fined this company 5 times for violations related to the BOG fund. The Ministry of Finance Inspectorate has also decided to enforce the petroleum price stabilization fund against this company.

To prevent businesses from owing taxes, according to the leader of the General Department of Taxation, in 2024, the tax sector will focus on building a database related to business financial reports based on financial reports and business establishments.

However, he also expressed that there are still many difficulties in collecting tax debts because most businesses use assets as collateral to borrow capital.

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