The Ministry of Economy has been denied a penalty payment from Ukrnafta.

courtThe order, according to which the Ministry of Economy planned to collect UAH 90,452 million in penalties from Ukrnafta for the late payment of UAH 632,3 million in dividends to the state budget for 2014, has been declared invalid. Based on the ruling of the Kyiv Court of Appeal, Ukrnafta will not pay the amount claimed. The penalties were calculated based on the text of the Law "On the Management of State-Owned Enterprises" (paragraph 5, part 5, article 11), but it was not taken into account that this law does not apply to enterprises in whose authorized capital the state does not have a stake (according to the determination of the Supreme Administrative Court of February 5, 2009).
Thus, by making the full dividend payment for 2014 to Naftogaz of Ukraine on October 2 and transferring UAH 632,3 million to the state budget as stipulated by the shareholders' meeting, Ukrnafta fulfilled all its obligations on time. Therefore, the court found the Ministry of Economy's claims unfounded and there were no grounds for imposing penalties.
SKELET-info

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