13 Mar '18, 1am

2 Singapore firms illegally sent luxury goods to North Korea: Report

SINGAPORE: Two Singapore-based companies have violated UN sanctions by supplying luxury goods to North Korea, according to a BBC article published on Tuesday morning (Mar 13) citing a leaked draft of a United Nations (UN) report. The two firms under investigation - OCN and T Specialist - are sister companies and share the same director, BBC said. The leaked draft alleges that the two companies supplied a range of luxury goods to North Korea, including wine and spirits, until as recently as July 2017, BBC added. The UN report added that "transactions valued at more than US$2 million (S$2.62 million)" between 2011 and 2014 flowed from an account that the two companies set up in a North Korean bank, Daedong Credit Bank, to T Specialist's bank accounts in Singapore. The transactions were allegedly proceeds from the sale of goods in North Korea, BBC said. The final UN report, w...

Full article: https://www.channelnewsasia.com/news/singapore/2-singapor...

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