US SANCTIONS
CCIC Singapore was set up in 1989 and has its registered address at Singapore Science Park.
Its customers include Shell, BP, Total, Exxon Mobil and major Chinese petrochemical corporations, according to CCIC’s website.
Parent company CCIC was established in 1980 and is part of China’s State-Owned Assets Supervision and Administration Commission of the State Council.
The US blacklisted CCIC Singapore for helping to obscure the origins of Iranian oil, which is typically done through numerous ship-to-ship transfers, oil blending and false documentation.
Sepehr Energy, which is a front company of Iran’s military, “consistently relied” on CCIC Singapore for cargo inspections of oil being delivered to China, according to the US Treasury Department.
In 2024, CCIC Singapore provided inspection services during a ship-to-ship transfer of about 2 million barrels of Iranian oil from a sanctioned vessel.
That same year, the firm also “likely provided” falsified documents to conceal the identity of another sanctioned vessel and certify its cargo of Iranian oil as Malaysian crude.
According to the US Treasury Department, Iran’s illicit oil trade funds the development of ballistic missiles and drones as well as regional terrorist groups.
The sanctions freeze all US-linked assets of the blacklisted companies and individuals. Any company that is at least half-owned by those sanctioned is also blocked from transactions engaging US businesses or the US financial system.
ANGER AMONG EMPLOYEES
Two of the affected employees denied knowledge of the activities for which the US sanctioned CCIC Singapore, saying that their departments were not involved.
Both employees told CNA they only learnt their firm had been blacklisted when customers started cancelling job orders on May 13, citing the sanctions.
The severity of the sanctions did not sink in at first, they said. Over time, their concern over the blacklisting morphed into anger at how the management was communicating with employees.
They criticised the firm’s “flip-flop” on the impact of the sanctions, and what they called a lack of responsibility and transparency from CCIC Singapore’s managing director.
“If you really treasure or appreciate … our efforts (that) we have put into this company, I think probably he has to come and thank us, or say sorry, this type of unfortunate thing happened,” said one of the employees.
But there was no such expression of apology or regret, he said, adding that before Friday, the company also did not give affected employees any support for job placement or career guidance.
“This is a foreign company. They act like high and mighty, (but) they leave us in the lurch, just like that. And I’m very mad because the top man doesn’t even see us, talk to us,” said the employee.
While the company’s US-linked assets have been frozen, the employees questioned why its assets in Singapore, including property and equipment, could not be used to pay salaries and retrenchment benefits.
They also questioned why the parent company was not helping to ensure that employees were paid.
“When your children are in trouble, rightfully, the parents should rescue them, right? Why aren’t the HQ rescuing us?” the employee asked.
