Kaohsiung City, Taiwan, July 18, 2019 –
MEGA GLORY HOLDINGS LIMITED (“Mega Glory”), a leading BVI shipping company with its mailing address in Taiwan, has confirmed that had no role in ship-to-ship transfers of petroleum products to North Korean vessels, correcting mistaken allegations to the contrary.
- In March 2019, a U.N. Panel of Experts report on North Korea sanctions evasion, describing multiple incidents of ship-to-ship oil transfers, beginning in June 2018. One of these, in June 2018, involved a vessel called New Regent. The report identified Mega Glory as the owner of this vessel at the time of these ship-to-ship oil transfer.
- This allegation was incorrect. Mega Glory had sold and delivered possession of this vessel to another buyer in April 2018. Mega Glory played no role in connection with these oil transfers to North Korea by New Regent or any other vessel as alleged by this U.N. Panel of Experts.
- The mistaken allegation appears to have been caused by the failure of the buyer of the New Regent to comply with various contractual provisions with Mega Glory requiring the name of the vessel to be changed in the pertinent registry. This failure caused the ship registry to mistakenly list Mega Glory as the current owner of the vessel. Mega Glory is not, and has not been the owner of New Regent since April 2018, before any illicit oil-transfers occurred.
- Mega Glory has complied and will continue to comply with all applicable laws, including applicable U.N. sanctions laws.
Mega Glory has provided the U.N. Panel of Experts with legal documents establishing its sale of the New Regent to the new buyer and looks forward to working with the U.N. Panel of Experts to correct the erroneous reference in the report. The company also intends to conduct a full investigation into the buyer’s failure to rename and re-register the vessel.
Mega Glory intends to pursue any legal rights and remedies related to the errors to the fullest extent of the law.
MEGA GLORY HOLDINGS LIMITED is leading shipping investor and owner registered in BVI and based in Kaohsiung City, Taiwan. The company has been in business since 2007.
For more information on this topic, please contact Rover Chan at rover@oceankarway.com.