S.N.G.N. Romgaz S.A. Announcement - Courts of Accounts Investigation (6702M)
12 May 2020 - 10:36PM
UK Regulatory
TIDMSNGR
RNS Number : 6702M
S.N.G.N. Romgaz S.A.
12 May 2020
May 12, 2020
A N N O U N C E M E N T
S.N.G.N. ROMGAZ S.A. informs its shareholders and investors that
in 2016 the Romanian Court of Accounts - Sibiu Court of Accounts
investigated the company. Following the investigation, Sibiu Court
of Accounts issued a decision establishing for SNGN Romgaz S.A.
several measures in connection with alleged unconformities found in
relation to the company's activity. In connection with the Court of
Accounts' decision, SNGN ROMGAZ SA made use of all remedies at
law.
According to Sibiu Court of Accounts Decision no. 26/2016, SNGN
Romgaz S.A. is required to implement the following measures:
Item I.a ) "Allocation to the 2016 financial result of the
equivalent value of certain cancellations representing costs with
abandonment of some investment works at specific exploration wells
for which producible reserves were not confirmed and which were
incurred from the development quota, in compliance with the
law;
Item II.a) "Identification of gas quantities delivered to the
regulated market in excess to the quantity it was required to
deliver in compliance with data communicated by DOPGN for every
customer, establishment of the extent of the prejudice resulting
from the difference between the regulated market and the free
market gas price for the excess gas delivered on the regulated
market, and the recovery of the prejudice";
Item II.b) "Establishment of the extent of the prejudice
representing the equivalent value of flight tickets settled
unjustified for the employees benefiting from holiday and medical
treatment vouchers in resorts located abroad, and the recovery of
the prejudice in compliance with the law.";
Punctul II.c) "Establishment of the extent of the prejudice
created by unlawful payments relating to legal assistance contracts
illegally concluded, and the recovery of the prejudice in
compliance with the law";
Item II.d) "Identification of all payment statements relating to
investment works, where amounts representing the employer's direct
expenses with social security, health insurance, unemployment, wage
warranty fund, risk and accidents fund, disabled persons fund,
holiday and allowance fund were wrongfully accepted to the
"equipment" and "transportation" items of the cost estimate,
calculation, establishment of the extent of prejudice, and the
recovery of the prejudice in compliance with the law";
Item II.e) "Identification of unjustified payments representing
regular overtime pay, calculation, establishment of the extent of
prejudice, and the recovery of the prejudice in compliance with the
law";
In connection with the item above, we inform that:
(i) During the 2019 Follow-Up Control , it was established that
the measures were fully implemented:
- Item.I a - additional dividend, and
- Item.II d - unconformity in connection with recovery of
transportation allowance for abroad holiday and treatment vouchers,
and that the other four measures provided in Court of Accounts
Decision 26/2016 were partially implemented;
(ii) During the 2020 Follow-Up Control, the Court established
that the measures were fully implemented:
- Item.II a - gas market unconformity;
- Item.II d - unconformity regarding the wrongful payment of
amounts representing the employer's direct expenses with social
security, health insurance, unemployment, wage warranty fund, risk
and accidents fund, disabled persons fund, holiday and allowance
fund as "equipment" and "transportation" items of the cost
estimate;
- Item.II e - unconformity representing unjustified payment of
regular overtime pay; it was also established that the measure
provided at Item II c of the Decision is partially implemented
because of ongoing legal proceedings. The implementation term was
extended to 22.11.2020.
Chief Executive Officer
Constantin-Adrian VOLINTIRU
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END
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