Ships owned by Irish firm in finance deal sold and scrapped on beaches in India and Bangladesh

News Snapshot:

TWO SHIPS THAT had been owned by an Irish investment company under a financing arrangement were scrapped on beaches in Bangladesh and India last year, a practice condemned by environmental organisations. Dublin-based Trade Credebt Limited has said that it was “not directly involved and nor does it participate in the commercial transaction of any ship’s demolition”. It said other companies, to which it had leased the ships, purchased them before they were dismantled. Nicola Mulinaris, spokesman for the NGO Shipbreaking Platform – a coalition of environmental, human rights and anti-asbestos campaigning organisations in Europe, the US and Asia – said...