Ex-China Aviation officer jailed

Peter Lim, ex-finance chief of China Aviation Oil (CAO), has been given two years in prison and fined over one of Singapore’s biggest business scandals.

CAO, China’s monopoly jet fuel trader, accumulated $550m (£317m) in losses in oil derivatives trading.

Lim was imprisoned for cheating, an offence under the Penal Code, and fined 150,000 Singapore dollar($92,000) for an offence under the Securities Act.

Four other CAO officials, including CEO Chen Jiulin, are facing charges.

CAO’s losses were discovered in November 2004 when the company was forced to seek court protection from creditors.