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| 3 Former CAO Board Members Fined by Singapore Court |
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Three former board members of China Aviation Oil (Singapore) Corp (CAO), which sought bankruptcy protection 18 months ago, were fined on Thursday by a Singapore court, said sources with the parent company, China Aviation Oil Holding Company (CAOHC). The three -- Jia Changbin, former board chairman, Gu Yanfei, former head of CAO's restructuring task force, and Li Yongji, former head of CAO's financial department -- were brought to the court for delaying a report on CAO required by the Singapore Exchange Market. A senior Singapore lawyer said the three board members did not delay reporting intentionally. The court has not reached a verdict against CAO's former chief executive, Chen Jiulin, who is facing several charges relating to CAO's bankruptcy, said the CAOHC. CAO, which enjoyed a monopoly on importing jet fuel to China, shocked financial markets in November 2004 after it disclosed losses of about US$550 million from trading oil derivatives and applied to Singapore's High Court for protection from creditors. Nearly a month ago, CAO announced it has reshuffled its board of directors, which will be composed of nine directors, four from CAO, two from BP and three are independent directors. The CAOHC has accomplished its stock deal with British oil giant BP PLC, and Singapore's Temasek Holdings Limited at the end of last year. The CAOHC has injected US$75.77 million into CAO. In addition, BP will invest US$44 million in CAO for 20 percent of its shares, and Temasek will purchase 4.65 percent of shares with US$10.23 million. (Xinhua News Agency March 5, 2006) |
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