Former CEO of China Aviation Oil (Singapore) returns to Singapore

Chen Jiulin, former CEO of China Aviation Oil (Singapore) Corp., returned to Singapore on December 8 to help investigate the company's huge-sum losses on derivatives trades.

Chen was once detained by Singapore police after arriving in the city, but now has been released on bail, a local TV station reported. This was confirmed by a statement of the Corporation on December 8. The Commercial Affairs Department of Singapore said on the same day that Chen is helping them in the investigation, which started on December 3 according to Singapore laws on securities and futures.

On November 30, the Corporation announced its $550 million losses on derivatives trades and appealed to the Singapore High Court to hold creditor's meeting and rearrange the company's debts.

By People's Daily Online