CAO finance chief sentenced in Singapore
A Singapore court has sentenced Peter Lim, former chief finance officer of China Aviation Oil (CAO), to two years in prison for his part in the firm's 2004 derivatives scandal.
Lim was sentenced to two years for conspiracy and was fined S$150,000 ($92,000) for releasing false information. His superior, former CAO chief executive Chen Jiulin, was charged in June with 15 counts of forgery and concealing financial information. His case comes to trial next month. Three non-executive directors have also been charged.
CAO shares will resume trading at the end of next month, after a rescue plan saw UK oil company BP and the Singapore state holding company Temasek take significant shares in the company.
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