News from The Globe and Mail

Thursday, March 16, 2006

The former chief executive officer of China Aviation Oil (Singapore) Corp. pleaded guilty yesterday to six charges related to the Chinese-backed jet fuel trader's near collapse in 2004. Chen Jiulin pleaded guilty in Singapore's subordinate court to insider trading, failure to disclose losses, making false financial statements and conspiring to deceive Deutsche Bank AG into handling the sale of a stake in the company in October, 2004. The company sought protection from creditors in late 2004, after revealing $550-million (U.S.) in derivatives trading losses that had been concealed from investors. AP

© The Globe and Mail