Court slams CAO directors with $435,000 in fines
A Singapore court today handed down a total of S$700,000 ($435,000) in fines to three China Aviation Oil (CAO) directors who admitted insider trading and concealing losses.
Two other directors, Gu Yanfei (who has since left the board) and Li Yongji, were also fined S$150,000 each for helping to conceal the losses. All three face prison sentences if they fail to pay.
Jia, who received the maximum allowable sentence for insider trading, remains chairman. The insider trading charge stemmed from the sale of 15% of CAO in October 2004, shortly before the company sought bankruptcy protection.
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 info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net