Press releases
PJSC Ukrnafta deems unlawful the fine imposed by the Ministry of Economic Development and Trade

PJSC Ukrnafta resorted to the Prime Minister of Ukraine Arseniy Yatsenyuk with a request that the order of the Ministry of Economic Development and Trade (ME) concerning the imposition of fine on the company for untimely payment of dividends be cancelled.

According to the document dated 29 January, ME imposed a UAH 1,51 billion fine on the company. The fine was imposed due to untimely payment of UAH 1,78 billion dividend for years 2011-2013 to the State budget.

Having read the order, PJSC Ukrnafta declares that it was issued with violation of procedural rules. At the same time, it is notable that the signing of the order occurred with a violation of procedure. It is also worth emphasising that the fine was imposed for the non-payment of dividends in years 2011-2013 although the amount of liabilities was determined only on 10 October 2014.

“Both the procedural rules applicable to the passing of such orders as well as the law that establishes the obligation were violated. PJSC Ukrnafta intends to challenge ME’s order” – said Chairman of the Executive Board Mark Rollins.

Earlier, on 27 October 2015, ME issued a similar order imposing a fine for untimely payment of dividends for year 2014. PJSC Ukrnafta is challenging this order in court, the next court hearing is to take place on 01 March. Besides that, the application of the company concerning the issuing of an unlawful order is being reviewed by the business ombudsman.

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