North Korea carried out two ICBM tests last month, overseen by Kim Jong-Un AFP/STR
SINGAPORE: The Singapore Government was notified of the US' plans to impose sanctions on two locally registered companies - Transatlantic Partners and Velmur Management - before they were penalised on Tuesday (Aug 22), the Ministry of Foreign Affairs (MFA) said.
Responding to the media query by Channel NewsAsia, MFA said on Wednesday that the Government has been "investigating this matter".
"Singapore will strictly fulfil its obligations under the United Nation Security Council Resolutions (UNSCRs) and international law, and not allow our financial system to be abused for the conduct of illicit activities," it added.
Pliskin, through Transatlantic, concluded a contract to purchase fuel oil with Daesong Credit Development Bank - a North Korean bank blacklisted in 2016 by the Treasury Department. Serbin is a representative of Transatlantic who worked with an executive director of Velmur, Huish, to purchase gas oil for delivery to North Korea, according to a press release.
Huish has also worked with Transatlantic to circumvent sanctions, it added. "Both of these companies have attempted to use the US financial system to send millions of dollars in payments on behalf of North Korea-related transactions."
A Bloomberg report on Wednesday said the US is seeking to recover US$7 million that was wired to Velmur in May.
With the sanctions, US nationals are generally prohibited from dealing with the listed companies and individuals, according to the press release.
ACRA DOCUMENTS ON 2 COMPANIES
According to Accounting and Corporate Regulatory Authority (ACRA) records, Transatlantic Partners was incorporated last May and its principal activities are in the general wholesale trade and wholesale of industrial, construction and related machinery and equipment.
It has a paid-up capital of S$1,000 and the registered office address is at #29-05A International Plaza, but a check on the online directory showed no such entity.
The ACRA filing listed Singaporean Andruew Tang You Liang - a professional wrestler who goes by the moniker The Statement - as its sole director and shareholder, as well as a secretary Yeo Chee Seng. They were appointed on May 16 and May 11, 2016, respectively.
When Channel NewsAsia contacted Mr Tang on Thursday, he said he had no comment and referred us to a response he gave to the media earlier this week. He said then he had no information regarding the matter as he does not handle the day-to-day operations and is just a "nominee shareholder".