World Economy

Singapore Co. Fined

Singapore Co. FinedSingapore Co. Fined

A Singapore court has fined a shipping company nearly $127,000 for wiring money used to transport fighter jets and surface-to-air missile systems from Cuba to North Korea in 2013 in violation of bans on helping Pyongyang build up its weapons programs, Reuters reported. The haul, hidden under heaps of sugar and discovered by Panamanian authorities, was the biggest load of arms and related materials ever to be intercepted on its way to or from the isolated North. The court found that Singapore-registered Chinpo Shipping Company had transferred tens of thousands of dollars for the shipment without conducting due diligence.