CAO directors receive fines

A Singapore court fined three China Aviation Oil (Singapore) directors more than US$400,000 for their role in the jet fuel trader’s US$550 million derivatives trading scandal in 2004. Jia Changbin was fined US$154,450 for insider trading and US$92,700 for failing to disclose the losses to the Singapore Exchange, while Gu Yanfei and Li Yongji were each fined US$92,700 for the disclosure offence. All three, who are also executives of CAO’s state-owned parent company, will receive jail sentences should they fail to pay the fines. Last month, CAO’s former finance chief Peter Lim received a two-year jail sentence and a US$92,700 fine. The trial of former CAO chief executive Chen Jiulin begins next Wednesday.