Ships carrying the oil from Singapore, which had been channeled through the two companies, had records demonstrating that they embarked but never arrived in the Indian Ocean archipelago. Instead the vessels were selling on the bounty to international buyers on the black market, including Burma’s military junta. The Burmese then helped hide the fraudulent transactions to create a “super profit”, as the Grant Thornton audit puts it. Full story
Burma implicated in major oil fraud
Democratic Voice of Burma, 3 Mar 2011
An investigation in the Maldives has implicated the Burmese military and a number of private companies in an $US800 million money-laundering scam involving the sale of Maldivian cut-price oil.
Ships carrying the oil from Singapore, which had been channeled through the two companies, had records demonstrating that they embarked but never arrived in the Indian Ocean archipelago. Instead the vessels were selling on the bounty to international buyers on the black market, including Burma’s military junta. The Burmese then helped hide the fraudulent transactions to create a “super profit”, as the Grant Thornton audit puts it. Full story
Ships carrying the oil from Singapore, which had been channeled through the two companies, had records demonstrating that they embarked but never arrived in the Indian Ocean archipelago. Instead the vessels were selling on the bounty to international buyers on the black market, including Burma’s military junta. The Burmese then helped hide the fraudulent transactions to create a “super profit”, as the Grant Thornton audit puts it. Full story
