Court slams CAO directors with $435,000 in fines

Jia Changbin, who was CAO chairman when the company lost $500 million in derivatives trades, was fined S$250,000 for insider trading and S$150,000 for failing to reveal the losses by the Singapore Subordinate Court.

Two other directors, Gu Yanfei (who has since left the board) and Li Yongji, were also fined S$150,000 each for helping to conceal the losses. All three face prison sentences if they fail to pay.

Jia, who received the maximum allowable sentence for insider trading, remains chairman. The insider trading charge stemmed from the sale of 15% of CAO in October 2004, shortly before the company sought bankruptcy protection.

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