SINGAPORE – CCIC Singapore, a cargo inspection firm linked to a Chinese state-owned enterprise, has laid off hundreds of employees and initiated a wind-down of its operations in Singapore following a fresh wave of US sanctions. The company publicly acknowledged that the “impact of the sanctions has far exceeded expectations,” forcing them to halt operations and retrench staff.
On May 13, the US Treasury’s Office of Foreign Assets Control blacklisted CCIC Singapore as one of 15 entities implicated in concealing the provenance of Iranian oil bound for China. The designation froze accounts linked to the firm, effectively cutting off their ability to conduct transactions with US banks and blocking assets within the US financial system. CCIC Singapore confirmed that this triggered an immediate loss of clients and disrupted cash flow, noting that “banks have ceased providing services, and salaries and operational costs can no longer be paid”.
Employee notifications delivered on May 30 stated that the company would cease paying salaries beyond May and retire staff starting June 1, citing its ongoing liquidation process. One anonymous employee described the delay, saying CCIC “delayed the payment of salaries owed for May” and is only preparing to disburse retrenchment benefits once the liquidation concludes—potentially by June 30, 2026. The same source reported that CCIC Singapore employs over 300 people locally and about 400 across Singapore and Malaysia.
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Another staff member criticized management, saying: “They act like high and mighty, (but) they leave us in the lurch,”
These remarks reflect the frustrations of employees who feel unsupported as disputes escalate. Twenty-five affected staff have filed claims with Singapore’s Tripartite Alliance for Dispute Management (TADM), which is coordinating mediation sessions. The Ministry of Manpower (MOM) has reminded CCIC Singapore of its legal duty to compensate employees. MOM has warned that should the company fail to fulfil obligations, it will pursue enforcement actions.
CCIC Singapore is wholly owned by the Beijing-headquartered China Certification & Inspection Group. The US Treasury stated that the firm facilitated a ship-to-ship transfer of approximately two million barrels of Iranian crude and apparently provided falsified documentation labeling the cargo as Malaysian in origin. The Treasury further noted that sanctioned payments help fund Iran’s ballistic missile and drone programs, as well as support of terrorist organizations.
In response, CCIC said its subsidiaries comply with all local laws and that it “will continue to manage all related matters in accordance with the law and maintain ongoing communication with all relevant parties”. A US Embassy spokesperson in Singapore clarified that the sanctions aim “not to punish, but to bring a positive change in behaviour,” targeting illicit financial channels that support ongoing malign and destabilizing activities .
Source: CNA
