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| Company | China Aviation Oil [Company Info] |
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| Date | Issue | Title |
| 9th Jun 2005 | Fraud Investigation | Forgery charge for jet fuel boss |
| Report |
| Chen Jiulin, the suspended boss of crisis-hit jet fuel supplier China Aviation Oil (CAO), has been charged with insider trading. The charges, which include making false statements, failing to disclose losses and forgery, come a day after Mr Chen and other executives were arrested. CAO collapsed in December after running up losses of $550m (£248m) betting on the future price of oil. The firm's creditors overwhelmingly approved a bailout on Wednesday. The offer by CAO foresees it paying 54 cents in the dollar over five years. The trading scandal was the biggest to hit Singapore since the $1.2bn collapse of Barings Bank in 1995. CAO sought court protection from creditors late last year, after losing money betting heavily on a fall in the price of oil at a time when prices rose sharply. The collapse, according to a report by auditors PricewaterhouseCoopers released early in June, was primarily Mr Chen's responsibility. But it said "every level of the company" had shown problems. The other executives arrested - CAO's head of finance, Peter Lim Tiong Sun, and directors Jia Changbin, Li Yongji and Gu Yanfei - have also been charged. Mr Chen's bail has been set at 2m Singapore dollars (US$1.2m; £660,000). The case is likely to be resolved within six months, our correspondent in Singapore says. CAO is China's main supplier of jet fuel. Although Singapore-based, the firm is owned through a holding company by the Chinese government. |
| Other Reports on China Aviation Oil | |||
| Date | Issue | Company | Report |
| 21st Mar 2006 | Fraud Investigation | China Aviation Oil | Jail term for China Aviation boss |
| 15th Mar 2006 | Fraud Investigation | China Aviation Oil | China Aviation boss pleads guilty |
| 1st Mar 2006 | Fraud Investigation | China Aviation Oil | China Aviation execs plead guilty |
| 21st Feb 2006 | Fraud Investigation | China Aviation Oil | Ex-China Aviation officer jailed |
| 19th Aug 2005 | Fraud Investigation | China Aviation Oil | China Aviation owner fined $4.8m |
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