CAO boss arrested

Singapore police said they arrested the head of collapsed China Aviation Oil (CAO), the Singapore-listed arm of China's biggest jet fuel importer. Chen Jiulin was taken into custody shortly after he returned to the city-state following a brief visit to China. CAO collapsed in late November under more than US$500m in debt after making a series of bad bets on oil futures. The bust marked the biggest corporate failure to hit Singapore since the US$1.2bn collapse of Barings Bank in 1995. Chen flew to China the same day the company announced its losses. Since then the white-collar crime division of Singapore's police force has been pushing for his return to answer questions over what he knew about the company's problems and when.