Latest news with #CCIC
Online Citizen
6 hours ago
- Business
- Online Citizen
CCIC Singapore forced into liquidation and staff cuts after US sanctions freeze bank accounts
SINGAPORE: CCIC Singapore has announced its decision to cease operations and begin business liquidation, citing the unexpectedly severe impact of US sanctions imposed in May 2025. The move has resulted in the retrenchment of over 300 employees, with most staff based in Singapore. The firm, a wholly owned subsidiary of China Certification and Inspection Group (CCIC), issued a statement in Chinese acknowledging that it had been forced to shutter operations after its bank accounts were frozen. 'This led to a breakdown in cash flow, loss of clients and severe disruption to overall operations,' the company told state media CNA. 'The primary reason is that the impact of the sanctions has far exceeded expectations—banks have ceased providing services, and salaries and operational costs can no longer be paid,' it added. Company among 15 blacklisted by US over Iranian oil On 13 May 2025, the United States government blacklisted CCIC Singapore along with 14 other entities for allegedly helping obscure the origins of Iranian oil exports to China. The UUS sanctions stated that Sepehr Energy, a front company linked to the Iranian military, had 'consistently relied' on CCIC Singapore to inspect oil cargoes being delivered to China. According to the department, the company facilitated these transfers by providing inspection services and allegedly supplying falsified documents to disguise the origin of sanctioned Iranian oil. Employees notified of retrenchment with little notice Affected employees told CNA on condition of anonymity that they received their retrenchment notices on 30 May, with the termination effective the next day. Some workers reported that over 400 staff were employed across Singapore and Malaysia, with more than 300 based in Singapore alone. Retrenchment notices reportedly stated that benefits would be paid only after the liquidation process concluded, with an estimated completion date of 30 June 2026. Delayed salary payments and severance assurances CCIC Singapore confirmed it would pay salaries for May and partial severance payments within three days of its announcement. However, full retrenchment benefits would only be disbursed after the conclusion of the liquidation. Employees had earlier flagged delays in salary payments, attributing them to the company's frozen accounts and pending liquidation. The company described the decision to terminate Singapore operations as 'extremely difficult' but 'rational' under the circumstances. 'The decision was extremely challenging for the management team, but it is a rational choice that had to be made under the current circumstances,' CCIC Singapore said. US sanctions target broader network aiding Iran's oil trade Established in 1989, CCIC Singapore operated out of Singapore Science Park and counted global energy giants such as Shell, BP, Total, and Exxon Mobil among its clients, as well as leading Chinese petrochemical corporations. Its parent company, CCIC, is a Chinese state-owned enterprise founded in 1980 and supervised by the State-Owned Assets Supervision and Administration Commission of China's State Council. The US sanctions freeze all assets in the US financial system linked to the blacklisted companies and prohibit US firms from doing business with them. Entities at least 50 percent owned by sanctioned parties are also subject to these restrictions. The Treasury Department has accused CCIC Singapore of facilitating illicit trade that supports Iran's ballistic missile and drone programmes, as well as regional militant groups. In 2024, the firm allegedly oversaw the transfer of around 2 million barrels of Iranian oil and mislabelled shipments to disguise their true origin. When asked whether it would challenge the sanctions or respond to the US allegations, CCIC Singapore stated that it had always required its subsidiaries to comply with local and international laws. It said it would continue to manage related matters 'in accordance with the law' and maintain communication with 'all relevant parties'.
Independent Singapore
6 hours ago
- Business
- Independent Singapore
Singapore subsidiary of Chinese state-owned company lays off 300 staff amid US sanctions
Photo: Freepik/ijeab (for illustration purposes only) SINGAPORE: The local arm of China Certification & Inspection Group (CCIC), a Chinese state-owned enterprise, has laid off approximately 300 employees and is undergoing liquidation following its addition to the U.S. sanctions list last month. The Singapore-based subsidiary, which is part of a wider group headquartered in Beijing, was sanctioned on May 15 alongside 14 other companies. The U.S. Treasury Department accused CCIC of aiding in the concealment of Iranian oil origins during cargo inspections, enabling shipments to China despite sanctions on Iran. Three employees who spoke anonymously to CNA confirmed that layoff notices were distributed on May 30, with the dismissals taking effect the following day. Two sources estimated that the group employs over 400 workers across Singapore and Malaysia, with more than 300 stationed in Singapore alone. Staff expressed frustration as they spoke to CNA about the delayed payment of May salaries and criticized the severance packages, particularly since many relied heavily on overtime pay and allowances to supplement their basic income. Several employees also expressed concerns about management's lack of transparency and accountability, claiming that senior executives had declined requests for meetings to address staff concerns. See also S'pore only Asian economy to contract? CNA reports that the company does not have union representation in Singapore. Despite this, some affected employees have since sought assistance from the National Trades Union Congress (NTUC) and the Tripartite Dispute Mediation Alliance.
Online Citizen
2 days ago
- Business
- Online Citizen
Over 300 workers retrenched without pay as CCIC Singapore enters liquidation after US sanctions
Over 300 employees of CCIC Singapore, a subsidiary of a Chinese state-owned enterprise, China Certification and Inspection Group (CCIC), have been retrenched without receiving their May 2025 salaries, following the company's abrupt move into liquidation after being blacklisted by the United States. The sanctions, announced on 13 May 2025, targeted 15 companies, including CCIC Singapore, which the US Treasury Department accused of helping obscure the origin of Iranian oil shipped to China. The firm reportedly provided inspection services during ship-to-ship transfers of sanctioned oil cargo, including one involving 2 million barrels of Iranian oil. CCIC Singapore, founded in 1989 and located at Singapore Science Park, is a wholly-owned subsidiary of China Certification & Inspection Group (CCIC), a Chinese state-owned firm under China's State-Owned Assets Supervision and Administration Commission. Affected employees were formally notified of their retrenchment on 30 May, with terminations effective the next day. According to three employees who spoke to CNA, most of CCIC Singapore's workforce—estimated to number over 300 in Singapore alone—is now jobless. Employees said they were informed that the firm's liquidation process was underway, and retrenchment benefits would only be fully paid by 30 June 2026. In the meantime, workers remain unpaid for May and received only two weeks' salary for every year of service completed. Surveyors and operations staff expressed frustration over the severance arrangement, noting that many relied on overtime and allowances to supplement basic pay. Junior surveyors earn less than S$1,000 monthly in base salary, with senior surveyors earning up to S$1,500. Speaking anonymously, employees expressed anger over the handling of the retrenchments. They described communication from management as inconsistent, citing internal emails that promised job continuity and transfers to a new entity—only to be contradicted within a day. On 14 May, an email from human resources assured employees of legal support and plans to establish a new company, backed by the Beijing headquarters. Staff were told they would be transferred without disruption. However, the following day, a second email urged recipients to disregard the earlier message. Subsequent internal communication revealed the company was downsizing and unable to pay retrenchment benefits due to frozen bank accounts. The firm's managing director later travelled to Beijing for discussions, though staff were not informed of any resolutions before receiving their termination notices. In an email sent to media on 6 June by a staff representative, employees highlighted several grievances: non-payment of wages, inadequate severance packages, lack of transparency, and absence of support for job placement. The letter described the situation as a breach of Singapore's Employment Act. 'Over 300 individuals and their families face immediate financial distress,' the letter read. 'This situation causes significant anxiety and hardship.' The letter further alleged that the offered severance—two weeks per year of service—fell well below Singapore's prevailing retrenchment standards, which can range from one to three months' pay per year of service. Employees also criticised the firm's leadership for failing to provide any apology or assurance, and questioned why CCIC's parent company had not intervened to ensure obligations to Singapore staff were met. 'This is a foreign company. They act like high and mighty, but they leave us in the lurch,' one employee told CNA. 'The top man doesn't even see us, talk to us.' As of now, the Ministry of Manpower, the National Trades Union Congress (NTUC), and the Tripartite Alliance for Dispute Management (TADM) have been approached by affected staff for assistance. CNA has also reached out to CCIC Singapore, its parent company CCIC in China, and relevant authorities for comment. No responses have been published as of the date of this report. The sanctions imposed by the US include a freeze on all US-linked assets of sanctioned entities and block any business engagement involving the US financial system. The US Treasury claims that Iran's illicit oil trade supports weapons development and terrorism, and CCIC Singapore was directly involved in enabling these operations by providing falsified documentation and inspection services. With Singapore-based assets unfrozen, affected employees have also questioned why local resources cannot be used to cover immediate financial obligations, such as salary arrears.
Globe and Mail
4 days ago
- Business
- Globe and Mail
Hempalta Announces Participation in the 2025 Canadian Climate Investor Conference
Calgary, Alberta--(Newsfile Corp. - June 5, 2025) - Hempalta (TSXV: HEMP), an agricultural clean-tech company that leverages its value chain and knowledge to generate global carbon credit solutions from industrial hemp and other nature based solutions, announced today that it will be presenting at the 2025 Canadian Climate Investor Conference (CCIC), taking place on Wednesday June 11, 2025 at the Arcadian Court in Toronto, Ontario. For a complete agenda of the conference and to register, see the conference website here: About Hempalta Hempalta Corp. (TSXV: HEMP) is a nature-based carbon credit provider utilizing industrial hemp's potential to sequester carbon. Through its subsidiary Hemp Carbon Standard Inc. (HCS), the Company develops methodologies and supports farmers in monetizing regenerative farming practices. About the Canadian Climate Investor Conference The Canadian Climate Investor Conference (CCIC), hosted by Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), brings together growth-oriented clean technology and renewable energy companies, and climate conscious investors, to share ideas and discover ways to accelerate the deployment of capital needed to build a more sustainable future for Canadians. The conference showcases clean technology investments and is designed to help democratize the ability for investors to participate in growing the clean technology ecosystem.
