Experts say Kaztec Engineering’s $50 million ship insurance from the DPRK likely violated UN sanctions regime
Ethan Jewell January 31, 2022
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&