Vnukovo Airlines faces financial penalties for late submission of quarterly figures

Published: 2/1/2000

The Moscow Arbitration Court has upheld a fine imposed on Vnukovo Airlines by the Russian Federal Securities Commission (RFSC), for failing to submit on time its quarterly report for the first three months of 1999. The amount of the fine has not been revealed, but could equate to 1,000 times the minimum wage, or 830,000 rubles ($30,000). The heaviest RFSC fine to date for a similar offence was 5,000 times the minimum wage, or 4,150,000 rubles ($145,000). The revenues from the fine are split 60:40 between the state budget and the Moscow city budget. This is latest trouble in a litany of woe for the airline and the fine is one that it can ill afford. It turned in a very bleak 1999 and this year looks set to be no better. Associated articles: www.concise.org. 25th October 1999; 5th November 1999; 16th November 1999; 24th December 1999

Article ID: 1376