Jailed oil exec Chen Jiulin fills top SOE post
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Chen Jiulin, ex-chief executive of China Aviation Oil (Singapore) Corp, has been recently appointed as vice president of state-owned construction firm CGGC International Company Ltd. |
Chen was sentenced to a prison term of four years and three months and fined US$207,500 for his pivotal role in the 2004 near-collapse of the Beijing-backed jet fuel trader, CAO (Singapore) Ltd. He was the first top state executive to be sent to prison abroad for insider trading.
Chen took over the helm of CAO (Singapore) Ltd. in 1997, and served as Managing Director, and CEO. The company, which suffered losses in the two years following its establishment in 1993, returned to profitability under Chen's leadership.
According to a 2004 report by PricewaterhouseCoopers, CAO (Singapore) Ltd suffered huge losses to the tune of US$550 million, due largely to speculation and unwise derivatives trading. Chen played a key role in the scandal.
Chen was released from prison on January 20, 2009. He published three articles about China's energy security, indicating his interest in returning to the oil industry. But his eventual comeback was as a top executive of a construction company.
CGGC International Company Ltd is a subsidiary of China Gezhouba Group Corporation, a large state-owned enterprise supervised by the State-owned Asset Supervision & Administration Commission of the State Council. It was established in Beijing in January 2006 with a registered capital of 380 million yuan (US$55.78 million).
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
