COMMERCIAL BANKS WITH DAMAGES OF BGN 73.7 M

Business | August 28, 2001, Tuesday // 00:00

The State Agency for Internal Financial Control /AIFC/ established the commercial companies and budget structures incurred BGN 73.7 M financial damages, for the first seven months of 2001. A total of BGN 67.9 M in financial damages, or about 92% of the whole, were established during audits at commercial companies. AIFC analysis shows that most of the damages were done by sales of products below their production costs and by illegal interest-free credits. The damages are either from mediated actions or of negligence of the companies` management. Damages incurred due to fines and other administrative sanctions for default in contractual commitments amount to 27% of the total sum. About 14.8% of the losses were accrued as payments made for services without any receipts, mainly in African and Middle East countries, wrote Pari Daily.

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