Three Iran ships held in Singapore to be auctioned, Mehr reports

Bloomberg, 14 December 2010 – Three Iranian ships seized in Singapore waters over Iran’s alleged failure to pay back a French bank loan will be auctioned today, the state-run Mehr news agency reported, citing the Islamic Republic of Iran Shipping Lines Managing Director.
Mohammad-Hossein Dajmar, the company’s head, rejected reports that the seizure is due to Iran’s failure to pay back its debt, saying the move is linked to financial sanctions against Iran over the country’s disputed nuclear program.
The report did not name the bank. The three ships, named Sabalan, Sahand and Tochal do not have any cargo, Dajmar has said.