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Eagle Bulk fined $1.1m over Burmese ties

A subsidiary of Connecticut-based Eagle Bulk has been fined $1.1m for violating the regulations of a now-defunct sanctions program on Myanmar, the US Treasury Department said Monday.

The offence took place over three years through to 2014 when Eagle Bulk worked with Burmese shipper, Myawaddy Trading.

“This case demonstrates the importance for companies operating in high-risk industries…to implement risk-based compliance measures, especially when engaging in transactions involving exposure to jurisdictions or persons implicated by US sanctions,” the US Treasury’s Office of Foreign Assets Control (OFAC) stated yesterday.

Sanctions against Myanmar were lifted four years ago.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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