1. MARITIME FRAUDS IN CHINA
... the ship illegally transshipped and sold part of the cargo, changed the ship's name and attempted to smuggle the remaining cargo to Shantou for ill-gotten profits. In April 1998, the vessel "Petro Ranger" was loaded with 11,000 tons of diesel oil and kerosene disappeared on the way from ... called "Embezzlement". It can still be classified into two types: 1. Scuttling Fraud An aging vessel becomes beyond any repairs. After arranging insurance coverage for a huge insured amount, it is scuttled. If there were valuable cargo on board the ship, shipowner would scuttle the ship by colluding ...
- Word Count: 3144
- Approx Pages: 13
- Has Bibliography
- Grade Level: High School