South Korean shipowner Pan Ocean Shipping and Swiss trader Gunvor are facing fraud allegations in the Singapore High Court from former clients in China, which seek to arrest a Pan Ocean tanker involved in an alleged cargo smuggling and tax evasion scheme.
Trading company China-Base Ningbo Group and cargo receiver Beihai Xinan Petrochemical say they are millions of dollars out of pocket after Chinese customs authorities arrested the Pan Ocean-owned, 46,200-dwt product tanker Grand Ace 12 (built 2008) along with its 38,000 tonnes of cargo of disputed origin in 2016.
