| Associated
Press March 6, 2006 SINGAPORE CHINA Aviation Oil (Singapore) Ltd., the Chinese-backed jet fuel trader that sought protection from creditors in 2004 after losing US$550 million in the derivatives markets, said its suspended chief executive has resigned. Chen Jiulin, who has been suspended since November 2004, is to go on trial in a Singapore court on Wednesday. The charges include making false financial statements, failing to notify the Singapore stock market of CAO's losses and conspiring to deceive Deutsche Bank into handling the sale of a stake in CAO in October 2004. He has resigned as chief executive, director and managing director, CAO said in a statement Monday, Mar 6. His resignation came after a meeting of shareholders on Friday that approved a recapitalization of the company and after former Chief Financial Officer Peter Lim was sentenced last month to two years in jail for conspiring to cheat and fined S$150,000 (US$92,000; €76,600) for releasing false financial statements. |
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