Business

US sanctions S'pore-based firms for N. Korea ties

Two of the 10 companies added to a US blacklist for supporting the North Korean regime are based in Singapore.

Transatlantic Partners and Velmur Management helped provide oil to North Korea and attempted to use the US financial system to send millions in payments on behalf of North Korea-related transactions, the US Treasury said on Tuesday.

Russians Mikhail Pisklin, Andrey Serbin and Irina Huish were named as main operators behind the companies.

Mr Pisklin, through Transatlantic, closed a deal to buy fuel oil with Daesong Credit Development Bank, a sanctioned North Korean bank. Mr Serbin and Ms Huish bought gasoil for delivery to the North.

Transatlantic has been sanctioned for operating in the North's energy industry, and Velmur for selling gasoil to it.

Transatlantic registered with the Accounting and Corporate Regulatory Authority in May last year. The address it uses at International Plaza is the office of MEA Business Consultancy.

Velmur is registered to an address at The Sail at Marina Bay, the home address of one of its directors, South African Amtchentsev Vladen. It was registered with Acra in November 2014. The sole shareholder is Russian Ruslan Larin.- THE STRAITS TIMES

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