Aviation Fuel CEO Face Charges_经济Business
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the suspended chief executive of china's main jet fuel supplier may face criminal charges linked to risky oil trades that pushed the company to the brink of bankruptcy, with losses of over half a billion u.s. dollars.
"china aviation oil (singapore) would like to announce that its suspended chief executive officer, chen jiulin, has been notified that he may be prosecuted for a total of 15 offenses," the company said wednesday in a statement to the country's stock exchange.
the chinese company is based in singapore, asia's leading oil-trading center.
singapore authorities began a criminal investigation of chen and china aviation last year, after the company shocked markets by revealing it had lost more than us$500 million by placing bets on the future price of oil. it began losing money in the first quarter of 2004 and sought court protection from creditors in december.
wednesday's statement said chen -- whose whereabouts are unknown -- may be charged under the penal code, companies act and securities and futures act. it was not immediately clear what specific charges he might face.
the suspended chief executive of china's main jet fuel supplier may face criminal charges linked to risky oil trades that pushed the company to the brink of bankruptcy, with losses of over half a billion u.s. dollars.
"china aviation oil (singapore) would like to announce that its suspended chief executive officer, chen jiulin, has been notified that he may be prosecuted for a total of 15 offenses," the company said wednesday in a statement to the country's stock exchange.
the chinese company is based in singapore, asia's leading oil-trading center.
singapore authorities began a criminal investigation of chen and china aviation last year, after the company shocked markets by revealing it had lost more than us$500 million by placing bets on the future price of oil. it began losing money in the first quarter of 2004 and sought court protection from creditors in december.
wednesday's statement said chen -- whose whereabouts are unknown -- may be charged under the penal code, companies act and securities and futures act. it was not immediately clear what specific charges he might face.