Trader Gunvor Pursued by China for Allegedly Evading Tariffs
- Gunvor ordered by Chinese court to pay government $54 million
- Oil trader says it wasn’t party to Chinese court proceedings
This article is for subscribers only.
Gunvor Group Ltd., one of the world’s largest energy traders, was ordered to pay the Chinese government $54 million for import tariffs it allegedly evaded by smuggling oil into the country.
Illegal income of 378 million yuan ($54 million) must be confiscated from Gunvor’s Singapore unit and transferred to the Chinese treasury, according to a Guangzhou court ruling dated Sept. 26 and seen by Bloomberg News. That ruling came at the end of a case against Dikun Yin, a former Singapore-based managing director at Gunvor, who was sentenced to 12 years in prison for his role in allegedly evading Chinese tariffs on oil imports.