Business Standard

Singapore firms illegally sent luxury goods to N.Korea: UN

IANS  |  Singapore 

A leaked draft of a UN report has claimed that two companies have violated sanctions by supplying luxury to North Korea, the media reported on Tuesday.

The final report has been submitted to the UN Security Council, and is likely to be published later this week, reports the

The leaked report alleges that the two firms -- OCN and -- supplied a range of luxury to North Korea, including wines and spirits, until as recently as July 2017.

Under UN Sanctions, it has been illegal to sell luxury items to since 2006 and Singapore's laws have banned the sale of these items to for several years.

The firms are sister companies and share the They have denied any wrongdoing.

The UN report has also claimed that between 2011 and 2014 "transactions valued at more than $2 million - alleged proceeds from the sale of in - flowed from an account that OCN and set up in a North Korean bank, Daedong Credit Bank, to T Specialist's accounts in Singapore, the reported.

The companies' lawyer, Edmond Pereira, has confirmed they are under investigation by authorities, but insisted they did not have any current financial links, interests, or any sort of relationship with entities in North Korea.

Pereira acknowledged that his clients "have done business with North Korean entities... before the UN sanctions came into force".

In November 2017, banned trade with North Korea entirely. Before that, some trade was allowed.

Global sanctions against North Korea have tightened considerably over the last two years as has continued to conduct nuclear tests and launch missiles.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 09:32 IST