Банкеръ Weekly

Briefs

VIOLATIONS EXCEEDING BGL73MN ESTABLISHED BY FINANCIAL CONTROL

The Agency for State Internal Financial Control (ASIFC) carried out 2,370 inspections in the first six months of 2001, and established injuries to the Treasury, exceeding BGL73,675,740. The refunded amount of these viiolations is 34% less than compared to the same period of 2000, which is mostly due to ASIFC's preventive control on the operation of commercial companies, and organisations with State and municipalities participation. This conclusion is supported by the fact that the audit of tangible assets in the establishments has found wrongful entrance of BGL263,303,271, and the possibility of misappropriation was thus prevented.

Bulgarian State Railways (BDZ), Technoexportstroy, Bulgartabac Holding, the Bulgarian National Radio, the National Council of Radio and Television, the Ministry of Economy, the National Statistics Institute, the Bulgarian News Agency (BTA), and the National Health Insurance Fund, were among the largest companies that weer inspected. Commercial companies with State participation have contributed most - BGL73,675,740 - to the established damages. Budget organisations and municipalities were much more strict in the observation of regulations. The injuries caused by them were estimated at just BGL5,087,626.

The largest share in the disclosed financial violations - exceeding BGL34MN - is accounted for by sales of output below prime cost and illegal interest-free crediting. A persisting tendency in the last few years has been reported as well - increase of damages from inefficient management, poor control on the fulfillment of closed contracts, and delayed payment of taxes at the expense of other expenses. Unvoiced costs or payments are among the most frequent financial violations. Infringements worth BGL11MN have been established in that respect.

ASIFC's auditors have issued 98 defalcation deeds for a total of BGL882,733. Ministers, exercising the State's property rights have been sent 370 audit reports for seeking responisibilty of 538 persons. Concealed State and municrpal receivables amounting to BGL67,505,492 were established as a result of the audits. This is a 52% increase from the same period of last year.
The results of ASIFC's report for the first half of 2001 show that together with the traditonal forms of violations (illegally paid labour remuneration, defaults and fines, over-consumption of inputs and other materials) infringements connected with the privatisation process, the change of ownership, and liquidation, tend to increase.

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