Rompetrol's Moldovan Unit Fined For Illegal ProfitPublish date: 08-05-2009
The Moldova-based unit of Romania's second-largest oil company Rompetrol Group was fined by the authorities in Kishinev with 20 million Moldovan lei (RON1= MDL0.0003522) for "illegal profit" by exceeding the legal profitability threshold, Moldovan news agency Interlic reported.
Thus, according to Moldovan authorities, in 2008, Rompetrol did not register in its records the MDL24.2 million profit. Thus, its profit margin reached 13.97%, as it obtained an illegal profit worth MDL9.87 million from operations on the oil products market.
The legislation of Moldova Republic stipulates a "reasonable" profit margin for business with oil products and liquefied petroleum gas, which cannot exceed 10% of a company's annual expenses for their import and sale.
Rompetrol has been operating on the Moldovan market since 2002 on fuel distribution market, and since 2008 on the liquefied petroleum gas market.
Rompetrol group, majority owned by Kazakhstan's KazMunaiGaz, includes 40 companies, operating in 13 countries.
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