Home>News Center>China
       
 

Oil firm officials ordered to pay fines
By Xin Dingding (China Daily)
Updated: 2006-03-03 06:10

Three non-executive directors of a Chinese oil trading company were ordered to pay fines by a Singapore judge yesterday for their roles in the company's decline.

Jia Changbin, non-executive chairman of China Aviation Oil (Singapore) Corporation Ltd (CAO), was fined S$400,000 (US$247,000), and directors Gu Yanfei and Li Yongji were each fined S$150,000 (US$92,600).

The Singapore Subordinate Court said in a statement yesterday that the three directors were charged with "failing to notify the Singapore Stock Exchange of realized losses." Jia Changbin faced an additional charge of insider trading.

If they cannot pay their fines, Gu and Li will go to prison for one year, and Jia will be imprisoned for two and a half years, the statement said.

The court will sentence Chen Jiulin, former chief executive of CAO, in the coming days, a company release said.

Michael Khoo, the three directors' attorney, was quoted in the release as saying that the three directors made unintentional mistakes.

Facts showed they all recognized the importance of abiding by laws, but anyone could have made the same wrong decisions when faced with the urgent situation of trying to save the company, Khoo said.

Based in Singapore, the main jet fuel supplier for China's aviation industry nearly went bankrupt when it announced in November 2004 a US$560 million loss in speculative oil deals in Singapore.

As CAO creditors agreed to allow the company to seek investors in restructuring before it re-lists on the Singapore Exchange, the company was given US$130 million last December to help it survive by its Beijing-based parent, China Aviation Oil Holding Co (CAOHC), oil group BP and Singapore State-owned investor Temasek.

An extraordinary general meeting will be held today to complete the restructuring process, hosted by Jia Changbin, said CAOHC.

Peter Lim Tiong Sun, former chief financial officer of CAO, was the first company official to be punished after the huge losses were revealed. He was sentenced to two years in prison and fined S$150,000 (US$92,600) on February 21 for making false statements and cheating on Deutsche Bank.

(China Daily 03/03/2006 page2)



NPC deputies from HK, Macao
Mine explosion kills 6, traps 15
Annual session to convene Friday in Beijing
  Today's Top News     Top China News
 

Top officials vow to intensify fight against corruption

 

   
 

200 gov't employees involved in fund misuse

 

   
 

CPPCC prepares for new conference

 

   
 

As bullets fly, police savour value of peace

 

   
 

China: No timetable on yuan convertibility

 

   
 

Bush ushers India into nuclear club

 

   
  Top advisory body to meet for annual session
   
  Premier warns of dangerous move by Chen
   
  China eyes narrowing rural-urban wealth gap
   
  China urges India to abandon nuke weapons
   
  Six killed, 25 trapped in mine explosion
   
  China, Japan to hold talks next Monday
   
 
  Go to Another Section  
 
 
  Story Tools  
   
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 国产你懂的视频| 中文字幕一区二区精品区| 55夜色66夜色国产精品视频| 成人免费黄网站| 久久国产精品久久久久久| 欧美三级一级片| 国产91精品系列在线观看| 97久人人做人人妻人人玩精品| 日韩精品一区二区三区视频| 别揉我胸啊嗯动漫网站| 青青草99热这里都是精品| 国产精品久久自在自线观看| 中文字幕欧美在线观看| 日韩精品一区二区三区中文| 手机国产乱子伦精品视频| 国产无遮挡又黄又爽免费网站| 中文字幕无码不卡免费视频| 欧美精品v国产精品v日韩精品| 免费观看激色视频网站bd| 国产h在线播放| 女人张开腿让男桶喷水高潮| 五月开心播播网| 欧美性猛交xxxx乱大交蜜桃| 亚洲色图综合网站| 精品亚洲一区二区三区在线播放 | a在线观看免费| 日韩在线视频一区| 亚洲ⅴ国产v天堂a无码二区| 美女被免费网站91色| 国产精品一区不卡| 69av视频在线观看| 国产高清在线精品一区 | 91手机看片国产永久免费| 在线观看你懂得| a级精品国产片在线观看| 日本肉漫在线观看| 久青草影院在线观看国产| 淫444kkk| 变态拳头交视频一区二区| 欧美极度极品另类| 国产精品久久久久网站|