NIS: Executives funding private travels with company’s money

Last year, Petroleum Industry of Serbia (NIS) spent close to 2mln EUR on business travels. The company also covered the costs of private travels of its top executives – the Blic daily finds out.

This amount is 500,000 EUR higher than the amount that the company had to pay into the Serbian budget on the account of environmental tax which NIS has not been paying since 2010.

But since nobody supervises spending at NIS, certain private expenses of the top management, like attending sports events that have nothing to do with NIS, were also registered under “business expenses”.

The most drastic example of such extravagant spending is a collective trip made by a number of NIS executives to Kyrgyzstan in order to attend a sport event. A source from NIS says that this trip cost tens of thousands of euros.

“This was the pinnacle of wasteful spending by the top management who also signed the travel warrants for this trip. These are usually Russian managers, but there are also Serbian managers who went on this trip too. Apart from this, many private travels taken by the company’s managers, like the ones to Italy, France and Great Britain, which have nothing to do with their job were also registered as business expenses. But it is the top management who signs the travel warrants for such trips and there is nothing we can do about it. Let’s not even get into their private trips to Russia to attend various celebrations and parties that they also put down as business trips”, our source says.

It was the former CEO of NIS, Kirill Kravchenko who started the practice when he travelled to a private party in Italy at NIS’ expense.

“To set aside 2 million EUR for business travel expenses is a lot of money for most oil companies in the world. But it looks like it is not a lot of money for NIS. Let’s not even mention their arrogance when it comes to changing plans 15 minutes before they are due to travel. Because of this, tens of thousands of euros were wasted on penalties for changing the travel dates, airline tickets and hotel bookings”, the source of the Blic daily goes on to say.

In 2016, the Blic approached NIS twice, asking for an explanation about the business costs, but nobody from the company responded.

(Blic, 07.09.2017)

http://www.blic.rs/vesti/ekonomija/nis-baca-milione-evra-direktori-putuju-svetom-u-privatne-provode-o-trosku-firme/57yw37d

 

This post is also available in: Italiano

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