Kunlun Holdings may be forced to look within China for its financing and insurance needs as international institutions jump ship over its alleged sanctions-busting activities.
German bank Nord/LB cut its ties with the Chinese company last week, citing widespread allegations of its involvement in transporting sanctioned Iranian LPG, TradeWinds has learned.
As TradeWinds reported, the bank arrested two of Kunlun’s VLGCs, the 78,400-cbm Gas Infinity (built 1997) and Sea Dragon (built 1993), after pulling financing and demanding the immediate repayment of an outstanding $30.2m
