Singaporean oil trader gets 12-year prison sentence over tariff evasion in China

A Guangdong court found him guilty of evading tariff payments of about $74.27m.

Bloomberg reported that a court in Guangdong slapped a 12-year prison sentence to a former Singapore-based managing director of trading firm Gunvor Group for taking part in evading Chinese tariffs on oil imports.

According to Gunvor and a document seen by Bloomberg, Singapore citizen Dikun Yin was found guilty of being involved in evading tariff payments of about $74.27m (RMB378m) related to 1.3 million tons of oil products imported into China.

The firm said that transactions pertaining to tariffs or duties were properly done in the Philippines.

“We contest this conclusion and the basis on which it was reached. This is a matter to be resolved between the relevant customs authorities of China and the Philippines,” Gunvor spokesman Seth Pietras said in response to questions. “The Philippines customs authorities have confirmed relevant customs documentation was issued in full compliance with applicable customs rules and regulations.”

Here's more from Bloomberg.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia