CAO directors fined

Risk staff
01 Apr 2006

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A Singapore has court imposed S$700,000 ($435,000) in fines on three China Aviation Oil (CAO) directors who admitted insider trading and concealing losses.

Jia Changbin, who was CAO chairman when the company lost $550 million in derivatives trades at the end of 2004 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

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