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 陈久霖再遭逮捕 |
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NYCFUND
头衔: 海归上尉
加入时间: 2005/06/08
文章: 44
海归分: 7201
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作者：NYCFUND 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
CAO Singapore's Suspended CEO,
Parent's Chairman Are Arrested
A WALL STREET JOURNAL ONLINE NEWS ROUNDUP
June 8, 2005 8:30 a.m.
SINGAPORE -- The suspended chief executive of China Aviation Oil (Singapore) Corp., Chen Jiulin, and the chairman of the jet-fuel supplier's China-based parent were arrested by Singaporean authorities Wednesday in connection with risky oil trades that pushed the company to the brink of bankruptcy with losses of over half a billion U.S. dollars.
Singapore police spokeswoman Lily Lee said Mr. Chen was arrested along with Jia Changbin, chairman of the Singapore-based company's parent, China Aviation Oil Holdings Co. Both will be charged in court Thursday, she said.
Three others also were arrested and face a similar court appearance, the spokeswoman said. They are CAO Singapore's head of finance, Peter Lim Tiong Sun, and two directors from the China-based parent, Gu Yanfei and Li Yongji.
Messrs. Chen and Sun remain in police custody, but the three others have been released on bail.
Separately, creditors of the Singapore-based unit on Wednesday approved CAO Singapore's revamped plan to repay its US$510 million debt, throwing the company a critical lifeline.
CAO, which sought court protection in November last year following US$550 million in oil-derivatives trading losses, last month promised to repay creditors 53.90 cents for every dollar owed, up from the 41.50 cents offered under an earlier plan. CAO also offered to shorten the repayment period to five years from eight years under the improved repayment package. A lawyer present at the meeting said 89 creditors voted in favor of the plan with three opposing.
Singapore authorities began a criminal investigation of Mr. Chen and CAO Singapore last year, after the company shocked markets with its oil-trading losses. The company began losing money in the first quarter of 2004 and sought court protection from creditors in December.
CAO Singapore's case is the biggest corporate scandal to hit the city-state since the fall of Britain's Barings Bank 10 years ago, when rogue trader Nick Leeson's market gambles lost Barings nearly US$2 billion.
In a statement Wednesday to the Singapore stock exchange, CAO Singapore said Mr. Chen may be prosecuted on 15 charges under the Penal Code, Companies Act and Securities and Futures Act. It wasn't immediately clear what specific charges he faces.
The announcement follows a special auditor's report, released last week, which said Mr. Chen was primarily responsible for the losses and the company's nondisclosure of its mounting financial crisis, but that failures had occurred "at every level of the company."
The auditing firm, PricewaterhouseCoopers, also said "no steps were taken by the management or those directors of the company, who were aware of the true position, in particular Jia, Li and Gu, to rectify the situation."
Mr. Gu was sent to Singapore from Beijing to manage the company when it sought court protection. Dow Jones Newswires reported Wednesday that Mr. Jia may be charged for not informing the company's board about the trading losses.
CAO Singapore's abrupt downfall has been an embarrassment for China and its state-backed companies, many of which have been trying to improve their reputations. Parent company, CAO Holdings, is linked to the Chinese government and had initially attempted to distance itself from its Singapore unit's losses.
作者：NYCFUND 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 陈久霖再遭逮捕 -- NYCFUND - (3457 Byte) 2005-6-08 周三, 23:47 (951 reads)
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