The Ministry of Industry and Trade’s decision to revoke the gasoline and oil import-export license of Trung Linh Phat Co., Ltd. is a significant development. The company, located at No. 8 Trang An Street, Dong Thanh Ward, Ninh Binh City, had been granted the license on January 8, 2021.
Trung Linh Phat Co., Ltd. is now responsible for returning the import-export license before December 7 and settling all outstanding balances and debts related to the gasoline price stabilization fund. They must transfer these funds to the state budget and provide proof of payment to the Department of Price Management under the Ministry of Finance and the Department of Domestic Market under the Ministry of Industry and Trade.
Prior to this decision, the Market Management Force had inspected and penalized several gasoline and oil traders, including Trung Linh Phat Co., Ltd. The company was fined VND 245 million and had its license revoked for one month (from June 19 to July 19) for failing to meet distribution system requirements, maintain mandatory reserve levels, and committing fraud in registering their distribution system.
Trung Linh Phat Co., Ltd. has had their license revoked.
Additionally, the company was previously penalized for failing to transfer the balance of the gasoline price stabilization fund to a bank account. In March, the Ministry of Industry and Trade requested that the company return over VND 26 billion in debts to the gasoline price stabilization fund from November 2023.
According to the Ministry of Industry and Trade’s Inspectorate, Trung Linh Phat Co., Ltd. was among the companies that imported lower volumes of diesel than the import quota allocated by the Ministry for 2021. Furthermore, the company failed to notify the Ministry of any changes in their gasoline and oil distribution system.
Notably, according to the Ninh Binh Provincial Tax Department, as of July 31, 2024, Trung Linh Phat Co., Ltd. was the largest tax-indebted enterprise, with debts totaling over VND 195.8 billion.
Established in 2009, Trung Linh Phat Co., Ltd. operates in the field of gasoline and oil trading, with branches in Ho Chi Minh City, Hoa Binh, Lang Son, Ha Giang, Nam Dinh, Tuyen Quang, Vung Tau, and Tay Nguyen. The company’s legal representative is Mr. Tran Van Dan.
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