Singapore: CAO executives charged
Following the high-profile collapse of China Aviation Oil (Singapore), five key executives were arrested by the Singapore authorities and charged with several crimes, including forgery and insider trading. Those arrested include Chinese nationals Chen Jiulin, and Jia Changbin, respectively chief executive and chairman of the firm.
CAO, the Singapore-listed vehicle that controls distribution of aviation fuel in mainland China, collapsed in November 2004 with debts of $530 million. A company programme of trading in derivatives linked to the price of oil had gone disastrously wrong.
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