SCB denies Tawan-Oil Trading ever held account with bank

Siam Commercial Bank (SCB) has denied that Tawan-Oil Trading ever held an account or conducted transactions with the bank, responding to a Reuters investigation into fuel shipments involving Myanmar and Iran.

The bank said an extensive review of its internal records found that Tawan-Oil Trading had never maintained an account with SCB, including any account that might subsequently have been closed.

SCB also said the company had never had a business relationship with the bank or conducted any transactions through it.

The bank has verbally informed the Bank of Thailand of the findings.

SCB disputes account reference in Reuters report

Reuters reported on October 26 that Myanmar-based energy broker Dynamic Wave had entered into fuel contracts with Thailand’s Tawan-Oil Trading.

The investigation found that a December 2025 contract, worth US$15.8 million, described a shipment as South African diesel, while shipping records, satellite imagery and other evidence indicated that the cargo was Iranian jet fuel.

Reuters reported that the sales contract stipulated that payment should be transferred into an account belonging to Tawan-Oil Trading at Siam Commercial Bank. A separate May 2025 contract reviewed by Reuters also specified payment into a Tawan-Oil Trading account at SCB.

At the time of publication, Reuters said SCB had not responded to repeated requests for comment about its commercial relationship with Tawan-Oil Trading.

SCB subsequently said that, after thoroughly examining its internal information, it could confirm that the company had never held an account with the bank and had no business relationship or transaction history with SCB.

The bank therefore rejected the suggestion that an SCB account belonging to Tawan-Oil Trading had been used as a payment channel in the transactions described.

Bank stresses governance and compliance

SCB said it remained committed to conducting business under good corporate-governance principles and strictly complying with applicable laws and regulations.

It also stressed its adherence to anti-money-laundering requirements and relevant sanctions measures.

SCB’s published compliance policies state that it applies customer-identification and due-diligence procedures, risk assessments and transaction monitoring in accordance with Thai anti-money-laundering rules and Bank of Thailand requirements.