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Caution necessary over payment fraud

As Fiona Li, Syndicate Manager (Claims), Eastern Syndicate, Steamship Mutual informs, the hacking of email accounts and the frequency and sophistication of intercepted and fraudulent emails has increased over recent years. This has caused payments to be made inadvertently to fraudulent bank accounts.

IMO adopts resolution to address fraudulent registries

During its 31st session on 25 November to 4 December 2019, the IMO Assembly adopted, among others, a resolution addressing fraudulent ship registration. The IMO recently put under the microscope over 300 ships involved in fraudulent vessel registrations. 

Gabon: Warning of fake officials attempting to board ships

The Britannia P&I Club informed of a recent fraud incident, where Local Port State Control Officers (PSCOs) boarded a ship in Gabon and presented a fine against the ship, but it was proven that they were not in fact PSC officers.

US Court approves Aegean’s restructuring progress

Aegean announced that the US Bankruptcy Court for the Southern District of New York approved its final motion regarding the $535 million in aggregate Debtor-in-Possession financing from Mercuria Energy Group. In the beginning of November, Aegean had filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.

Aegean receives court approval to support business operations

Aegean announced that the US Bankruptcy Court for the Southern District of New York granted interim approval of all the company’s first day motions regarding its voluntary Chapter 11 restructuring. The approvals improve Aegean’s liquidity position, to ensure that critical partners continue to be paid normally.

Aegean Marine files for Chapter 11 bankruptcy

Aegean Marine Petroleum Network Inc. announced that it has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. The debtors entered this process with the support of Mercuria Energy Group, an independent energy and commodity company.

EU investigates potential tax fraud at Port of Piraeus

The European Union and Italian authorities are investigating a suspected tax fraud by Chinese criminals, who are reportedly importing goods through Greece’s largest port of Piraeus, which is considered a trade gateway between China and Europe. The European Anti-Fraud Office is also working with Italy on the investigation.

Ex-DSME CEO sentenced to nine years in prison

The South Korean Supreme Court sentenced the former CEO of DSME to nine years in prison, Sunday, on charges of fraud totaling USD4.69 billion. Mr. Ko Jae-ho orchestrated the shipbuilder’s financial statements and plans for the fiscal year from 2013 and 2014, to cover up mounting deficits.

Ukraine: Warning of fraudulent ecological inspections

The Britannia P&I Club warns of people pretending to be ecological inspectors threatening ships in the ports of Odessa and Ilyichevsk. There were two cases last week when ecological inspectors, using fraudulent and unlawful means, tried to make the masters of the ships give them samples of segregated ballast

Fighting customs fraud

JRC research leads to new legislation A new regulation adopted by the European Parliament and the Council will allow customs…

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