Off the wire
• Foreign exchange rates in India  • News Analysis: Japan taps India to boost tepid economy, nuke deal draws flak  • 1st LD: Some Turkish troops leaving camp near Iraq's Mosul  • Across China: Chinese budget airlines seek new market in western provinces  • Urgent: 4 killed, 10 missing after boat capsizes in eastern Indonesia  • Xi, Obama promise to work together to ensure implementation of Paris climate deal  • Urgent: Some Turkish troops leaving camp near Iraq's Mosul  • Roundup: S.Korean shares fall on concerns over Fed's rate hike  • Urgent: Egypt says nothing indicating terrorist action on Russian plane crash in Sinai  • Lao telecom satellite to be profitable: Deputy PM  
You are here: 　 Home

Singapore firm convicted of transferring money to nuclear-related programs to DPRK

Xinhua, December 14, 2015 Adjust font size:

A Singapore-registered shipping company has been convicted of transferring money which may be used for nuclear-related programs or activities of Democratic People's Republic Of Korea (DPRK), local media reported on Monday.

Chinpo Shipping Company sent 72,017 U.S. dollars from its Bank of China account to a shipping agent, which is under the management of a DPRK company in Panama in July 2013. The money was believed to be a necessary payment for the transportation of the arms and related material from Cuba to DPRK, according to the Strait Times.

The offences were uncovered as the freighter Chong Chon Gang was detained in July 2013 when it tried to cross the Panama Canal with undeclared arms from Cuba, including two anti-aircraft missile batteries, nine disassembled rockets, two MiG-21 fighter jets and 15 MiG-21 engines.

Investigation into the case showed that the seized ship violated UN sanctions against the DPRK. The vessel was later free to go after its owner paid a heavy fine in February last year.

District Judge Jasvender Kaur found that Chinpo conducted no due diligence of any kind before transferring the payment. And between 2009 and 2013, Chinpo, on behalf of the DPRK entities, applied for a total of 605 outward remittances totalling 40 million U.S. dollars.

While Chinpo defended that it didn't not make the transactions for the purpose of profit, but just as a general and special agent for the entities, the judge stressed that anyone engaging in financial related transactions must be aware of what the remittance is for.

According to the law, the maximum punishment for such violation is a fine of 100,000 Singapore dollars (71,429 U.S. dollars) and five years' in jail.

The case was adjourned to Jan. 29, 2016. Endit