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RFA Exclusive: Iran's Sanctioned Shipping Line Runs Network Of Hong Kong Companies

VENEZUELA -- The Iranian oil tanker Fortune is anchored at the dock of El Palito refinery near Puerto Cabello, May 25, 2020

Iranian state shipping routes are continuing to evade U.S. sanctions by operating via a complex network of companies and subsidiaries registered in Hong Kong, dozens of which are traceable to a purported individual in Shanghai named on publicly available records as Shen Yong, a recent RFA investigation has revealed.

RFA had earlier linked Shen Yong to four shipping companies -- Reach, Delight, Gracious and Noble -- registered in Hong Kong that were named as having done business with the Islamic Republic of Iran Shipping Lines (IRISL), using company records in Hong Kong.

Further investigations have shown that Shen Yong is named on the records of some 37 companies registered in Hong Kong, which between them control at least 10 ocean-going container vessels and five oil tankers. Most are connected in some way with IRISL.

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