China Aviation Oil (Singapore) was incorporated in 1993, CAO deals primarily in jet fuel procurement, although it is also active in international oil trading and oil-related investment. The firm commands a near-100% market share of the procurement of imported jet fuel for China’s civil aviation industry, and has expanded its market to include ASEAN countries, the Far East and the US. CAO’s oil-trading business has expanded beyond jet fuel to include fuel oil, gasoline, naphtha, crude oil, and petrochemical products. State-owned China Aviation Oil Holding Company holds about 75% of the firm’s shares.
China Aviation Oil
8 Temasek Blvd., #31-02, Suntec Tower Three
038988 Singapore
Phone:+65-6334-8979
Fax:+65-6333-5283
The former head of China Aviation Oil (CAO) has been sentenced to four years and three months in jail for his role in the firm’s near-collapse in 2004.
Chen Jiulin, who had earlier pleaded guilty to six charges including insider trading, was also fined 350,000 Singapore dollars ($207,300; £124,000).
Four directors at the company had already been sentenced by a Singapore court for their part in the scandal
The former head of China Aviation Oil (CAO) has pleaded guilty to six charges related to its near collapse in 2004.
Chen Jiulin pleaded guilty in Singapore’s subordinate court to charges including making false statements and insider trading.
Four directors at the company have already been sentenced for their part in the scandal
Three non-executive directors of China Aviation Oil (CAO) have pleaded guilty in Singapore to insider dealing charges and failing to disclose losses.
Jia Changbin, Gu Yanfei and Li Yongji now face sentencing on Thursday.
Last month, Peter Lim, CAO’s former finance chief, was given two years in prison and fined over one of Singapore’s biggest business scandals
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
Singapore’s central bank has fined the owner of China Aviation Oil (CAO) for selling shares in the crisis-hit firm a month before its collapse.
Beijing’s China Aviation Oil Holding Company was ordered to pay 8m Singaporean dollars ($4.8m; £2
Chen Jiulin, the suspended boss of crisis-hit jet fuel supplier China Aviation Oil (CAO), has been charged with insider trading.
The charges, which include making false statements, failing to disclose losses and forgery, come a day after Mr Chen and other executives were arrested.
CAO collapsed in December after running up losses of $550m (£248m) betting on the future price of oil