The Accounting Chamber of Tajikistan published the report on its activities for the first half of 2014, which is prepared by the planning, analysis, audit methodology and international relations department of the Chamber.
As reported on the website of Tajikistan’s Accounting Chamber, apart from government institutions – ministries and agencies, Kulab Petrolium Company and Tethys Services Tajikistan Limited were checked for the years 2007-2013.
The inspection was initiated on the basis of a letter from Tajikistan’s General Prosecutor’s Office of 5 February 2014.
The report notes: “The inspection established financial losses due to tax evasion in the activities of Kulab Petrolium for the amount of 1 million 502.8 thousand Samani, and 263.2 thousand Samani in the activities of Tethys Services Tajikistan Limited, 1 million 578.7 thousand Samani of which was has been restored by the companies in the course of audit.”
Tethys Petroleum Limited, an international company, is represented in Tajikistan through its subsidiary structure, Tethys Services Tajikistan Limited, which has been working in tajikistan since 2008. Currently, along with its subsidiary company, Kulab Petrolium, it partakes in the large program of redevelopment of oil and gas reserves, exploration, drilling and seismic analysis in Tajikistan.
It turns out that the accounting chamber of the Republic of Tajikistan, whose jurisdiction is to check state agencies, based on Tajik legislation has the right to conduct such inspections in companies operating under a production-sharing agreement.
Tethys Petroleum signed the Bakhtar Product-Sharing Agreement with the government of Tajikistan to work on finding oil and gas reserves and their subsequent mining.
Meanwhile, other than checking Tethys’ operations in Tajikistan, the Accounting Chamber checked one of the Tajik Aluminum Company’s (TALCO) structures.
As reported on the website of the Accounting Chamber, as a result of an audit of financial and accounting documentation of the Warehouse #7 of the TALCO Economic Department, a financial loss of 467.5 thousand Samani has been established.
The report reads: “Out of this volume, loss of inventory consists of 241 thousand Samani and the material losses consists of -226.5 thousand Samani. In addition, the audit revealed a surplus of inventory in the amount of 558.2 thousnd Samani, which were capitalized during the audit under the relevant accounting records of the enterprise.”
Based on the information provided in the report, in the first half of 2014, 82 audits have been conducted in the ministries and agencies, centers for the management of investment projects, subsidiaries of the state management and other state institutions, and a financial loss in the amount of 14 million 14 thousand Samani has been revealed.”
Out of the amount, 1 million 146.6 thousand Samani are part of illegal expenditure of public funds and property, 2 million 398.1 thousand Samani are part of loss (theft) of commodity-cash, 3 million 555.5 thousand Samani are part of overestimated construction works, 16.2 thousand Samani are part of loss from sale or lease of public property, 16.2 thousand Samani are part of losses from mismanagement, 6 million 288.8 thousand Samani are part of underreporting and concealment of tax records, and 30.1 thousand Samani are part of the unpaid dividends payable to the state.
