MFA confirms 2 local firms under probe for doing business with N Korea
Two local companies accused of violating United Nations (UN) sanctions are being investigated by the authorities here, the Ministry of Foreign Affairs (MFA) told The Straits Times yesterday.
A leaked UN report claimed that Singapore-based firms OCN and T Specialist were supplying luxury goods to North Korea until as recently as July last year.
Under UN sanctions, it has been illegal to sell luxury items to North Korea since 2006.
Singapore's laws have also banned the sale of these items to North Korea for several years.
The MFA added that Singapore will continue to cooperate closely with the UN Panel of Experts in its investigations.
"Singapore takes its obligations under the United Nations Security Council Resolutions (UNSCRs) seriously, and implements them assiduously. We are one of the few countries that submit detailed national implementation reports to the UNSC in a timely manner," said an MFA spokesman.
"Singapore will not hesitate to take action against any individual or entity that breaches our laws and regulations which give effect to the UNSCRs," the spokesman added.
OCN and T Specialist are sister companies sharing the same director, Mr Leo Ng Kheng Wah.
Lawyer Edmond Pereira, who represents the two companies, said on Tuesday that the firms had been trading with North Korea since the mid-2000s but both started whittling down trading activities after sanctions were imposed in 2006.
The Monetary Authority of Singapore said it and other local agencies are working with the UN, but declined to name the banks being investigated.
The final UN report has been submitted to the UN Security Council and is likely to be published later this week.