IRAN SANCTIONS BREACH SUSPICION PROMPTS GERMAN BANK TO SEEK SEIZURE OF CHINESE-OWNED SHIPS

Hellenic Shipping News on 6th August reported on a case before the High Court in Singapore in which Hanover-based Norddeutsche Landesbank-Girozentrale (NordLB) is seeking the arrest of vessels, accusing their China-based owner of defaulting on a $30 million mortgage agreement.  Lloyd’s List had reported that 2 of the ships appeared to have transported Iranian liquefied petroleum gas in breach of US sanctions.  The tankers, together with a third ship, had been used as collateral for a $30 million loan NordLB made in July 2018 to 3 Chinese-based companies.  The 2 tankers were detained in Singapore in July but subsequently released.

https://www.hellenicshippingnews.com/iran-sanctions-breach-suspicion-prompts-bank-to-seize-ships/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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