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.”

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