SINGAPORE (Dec 19): Gunvor Group, one of the world’s largest energy traders, was ordered to pay the Chinese government $75 million for import tariffs it allegedly evaded by smuggling oil into the country.

Illegal income of 378 million yuan ($75 million) must be confiscated from Gunvor’s Singapore unit and transferred to the Chinese treasury, according to a Guangzhou court ruling dated Sept 26 and seen by Bloomberg News. That ruling came at the end of a case against Dikun Yin, a former Singapore-based managing director at Gunvor, who was sentenced to 12 years in prison for his role in allegedly evading Chinese tariffs on oil imports.

Gunvor said the company wasn’t a party to the court proceedings against Yin and was unable to defend itself.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook