A recent report from the management agency has revealed that 11 key traders have failed to submit an independent audit report of the Petroleum Price Stabilization Fund to the Ministry of Industry, Trade and Finance on time. The delay in reporting covers the period from July 1 to December 31, 2023. The delinquent reports were not received from enterprises such as Nam Song Hau Petroleum Investment and Trading Joint Stock Company, Trung Linh Phat Company Limited, and Thien Minh Duc Group Joint Stock Company.
The Ministry of Industry and Trade has instructed these traders to comply with regulations regarding the management of the petroleum stabilization fund, including reporting, setting aside, spending, and usage. Failure to comply may result in legal consequences as violations related to the fund will be addressed.
The establishment of stabilization funds at enterprises upon receiving a business license from the Ministry of Industry and Trade has led to concerns of potential misappropriation of funds. The Ministry of Finance has taken action by issuing administrative violation sanctions and notifying the Ministry of Industry and Trade for further handling of cases. Businesses are urged to remain diligent in their management of the stabilization fund to avoid penalties and legal repercussions.
