Penalties from The Petroleum Revenue Management Act 2015

Jan 11, 2022 News

Penalties

58. (1) A person who
(a) misappropriates the Petroleum Funds;
(b) defrauds, attempts to defraud or conspires with another person to defraud the Republic in relation to the Petroleum Funds;
(c) uses, attempts to use or conspires with another person to use information on the Petroleum Funds or documents relating to the Petroleum Funds for personal benefit or advantage or for the personal advantage or benefit of another person;
commits an offence and is liable on summary conviction to a fine of not less than five hundred thousand penalty units or to a term of imprisonment of not less than fifteen years or to both.
(2) A person who abets in the commission of an offence is liable on summary conviction to a fine of not less than two hundred and fifty thousand penalty units or to a term of imprisonment of not less than seven years or both.

Act 815                       Petroleum Revenue Management Act, 2011

(3) A person who unlawfully discloses the content of any document or information pertaining to the operations of the Petroleum Funds commits an offence and is liable on summary conviction to a fine of not less than two hundred and fifty thousand penalty units or to a term of imprisonment of not less than seven years or to both.
(4) Where the offence committed is by a body corporate, that body corporate is liable on summary conviction to a fine of not less than seven hundred and fifty thousand penalty units.
(5) A penalty imposed under this section that is not paid when it is due shall be subject to the default payment rate established under section 3 (4).