News Nigerian firm wades into murky legal waters with North Korean insurance policyExperts say Kaztec Engineering’s $50 million ship insurance from the DPRK likely violated UN sanctions regime A Nigerian engineering firm insured at least one of its vessels through an obscure North Korean company, documents reviewed by NK Pro show, a transaction that may have run afoul of sanctions designed to starve Pyongyang’s weapons programs of funds. The transaction took place between Kaztec Engineering, a seemingly defunct Nigerian subsidiary of Chrome Group, and Samhae Insurance Company, a North Korean insurer formed in Oct. 2016 that specializes in maritime and logistics coverage. A contract posted on Samhae’s website shows the company agreed to provide $50 million worth of protection and indemnity (P& © Korea Risk Group. All rights reserved. |