OTS requested crude oil which never arrived. Advance payments have not been refunded
We learned from the statement that OTS provided the money “as advance payments for the purchase of crude oil and petroleum products.” However, there were no deliveries on the dates specified in the contract, so the company applied for a refund of the advance payments. However, she did not receive the money eitherThey “determined that recovery of advance payments was unlikely.”
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Based on the information obtained, the subsidiary (i.e. OTS – editor's note) has assessed that the above event requires an adjustment to its financial results for 2023 – says the company in a press release.
We also read that in the consolidated financial statements of the entire Orlin Group, Adding an additional amount of PLN 1.6 billion in “Other operating costs”.. This is mainly due to the loss of advance payments upon delivery.
Capture the patch It will reduce the consolidated operating result as well as the amortization of Orlin Group's 2023 EBITDA and Orlin Group's 2023 net result. The Company advises that the above correction will not impact the financial data presented in Orlen's 2023 separate financial statements.
At the same time, he adds, this event is being examined by an auditor, so the estimated costs may change. Orlen also explains that tests of the group's remaining assets are underway, and will report the potential need for write-downs or reversals of descriptions in separate announcements.
The company will publish the independent and consolidated report for 2023 on April 25.
The Swiss company that Tusk warned about
The Swiss company Orlin came into the spotlight at the beginning of March, when the Prime Minister mentioned it at a press conference. There is such a company, OTS, founded by Orlin, despite warnings directed at members of Mateusz Morawiecki's government. Donald Tusk said on March 5 that, regarding the nature of the company's activities and its employees, no decision has been made on effective intervention.
There are justified fears that Poland will get into very serious problems due to the activities of this company – Then the Prime Minister added.
Finally, the Prime Minister said this The members of its board of directors guarantee themselves a bonus of PLN 2 million annually. – Those who warned (of its activities – editor’s note) immediately lost their jobs – sum it up.
Auditing a Swiss company
The audit relates to a comprehensive review of the company's activities. Which is managed with the support of external law firms from Switzerland – Quoted from the Maghreb Arab Press.
OTS is a trading company of Orlin Group. It was established in August 2022. According to information available on its website, it trades in petroleum products and supplies products from the group’s five refineries and global suppliers.
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