CAO fires three Singapore managers

Peter Lim, head of the finance division, Gerard Rigby, deputy head of one of the trading divisions, and Abdallah Kharma, head of another trading division, have all been fired. In addition, head of banking relations and risk management Cindy Chong has resigned.

CAO's derivatives trades left it with $550 million losses in 2004, forcing it to seek creditor protection in November that year.

Earlier this year, CAO Singapore's chief executive Chen Jiulin was suspended from his post and has subsequently been charged with cheating and forgery by Singaporean investigators; two other directors, Li Yongji and Gu Yanfei, and the chairman Jia Changbin, have also been charged.

Lim also faces trial early next year; he is charged with concealing the company's losses from auditors and cheating Deutsche Bank over a 2004 share placement.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here