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Accounting Chamber checks activities of Kyrgyzneftegaz OJSC

The Accounting Chamber audited the activities of Kyrgyzneftegaz OJSC and its structural divisions for 2015, the press service of the chamber reported.

The audit notes that the operational fund of the Company at the beginning of 2016 consisted of 626 oil wells, 261 of which stand idle, and 29 out of 41 gas wells also stand idle.

The company’s budget, with a planned income indicator of 2,463,100 soms, was actually meet by 89.1 percent. Expenditures comprised 1,884,400 soms with a plan of 2,459,500 soms.

In 2015, net profit amounted to 433.6 million soms, while in 2014 — 545.3 million soms. Taking into account the number of shares owned by the State Property Management Fund, dividends to 92.3 million soms were transfered.

The audit found  the amount of dividends that were not accrued  to 153,000 soms, which, in violation of the Law of the Kyrgyz Republic «On Joint Stock Companies," wasn’t transferred to the State Property Management Fund.

Also, during 2015, Kyrgyzneftegaz OJSC didn’t replenish the recultivation fund by 3.9 million soms. Upon completion of the audit, these funds were returned to the account.

The amount of receivables as of January 1, 2016 amounted to 205.7 million soms, the unpaid accounts receivable of previous years if which amounted to 132.8 million soms, the Accounting Chamber noted.