Chen Jiulin's semi-charmed life
by admin , June 28, 2010, 1100hrs
SINGAPORE (June 28, 2010) – For ex-jailbirds seeking a second chance, Singapore can be a rather unforgiving place. But not so in China, it seems, where Chen Jiulin, the disgraced former chief executive of China Aviation Oil (CAO) who was sentenced to 51 months’ jail in 2006, has made a remarkable comeback – less than 1 ½ years after he was granted an early release from Changi Prison.
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Chen Jiulin: Back in the big time.
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According to media reports from China, Mr Chen, 49, was recently appointed as vice-president of the CGGC International Company, which is run by the state-owned Asset Supervision & Administration Commission under the State Council, the same organization that supervised CAO.
CGGC International, a state-owned engineering and construction firm, is best known as the main contractor for the Three Gorges Dam.
Mr Chen was reportedly released from jail on January 20 last year, after he was convicted of issuing false financial statements and failing to inform the Singapore stock exchange of CAO Singapore’s losses, among other charges.
Under his watch, CAO Singapore - the listed unit of state-owned China National Aviation Fuel Group Corporation which holds a 51-per-cent stake - incurred losses of US$550 million trading oil derivatives.
According to the Beijing Times, Mr Chen tried to persuade the Beijing authorities into giving him another role with China National Aviation Fuel Group, arguing that the losses CAO Singapore incurred were not his personal responsibility as government agencies had approved all of the derivative positions.
Mr Chen’s fall from grace had been well-documented. Sent to Singapore in 1997, he quickly turned CAO Singapore, a dormant shipping business, into the monopoly importer of jet fuel into China – and the darling of the Singapore stock exchange. Mr Chen, who was bestowed with the moniker of “king of aviation oil”, also became a fixture on Singapore’s speaking circuit for his insights into doing business with China. CAO was also honoured twice as Singapore's most transparent public-listed company.
But Mr Chen’s comeback has been just as spectacular – although it has invited controversy among Chinese citizens, who are split over Mr Chen’s appointment. While some felt Mr Chen had already served time and paid for his mistake, others reiterated the fact that Mr Chen had committed a crime cast doubts on his integrity and suitability to run a company as a senior executive.
Still, the outpouring of public sentiment is unlikely to impede Mr Chen’s return to the big time.
Not only has Mr Chen been granted a new lease of life, he has gotten a new name. Mr Chen had apparently changed the middle character of his name - presumably for better luck. While the pronunciation is the same, the new character means “nine”. As Wall Street Journal writer Dinny McMahon pointed out, this begs the question: how many lives does Mr Chen have left?
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