Before returning to China, he reflects on his time in jail and his role in corporate scandal
21 January 2009
The man at the centre of the China Aviation Oil (CAO) scandal which rocked the corporate world back in 2004, Mr. Chen Jiulin, returned to China yesterday after spending two years and 10 months in prison.
In late 2004, CAO, a jet fuel supplier, announced it was facing US$550 million of losses from derivatives trading. The company had bet that oil prices would fall, but they rose instead.
In March 2006, Mr. Chen was sentenced to a jail term of four years and three months and fined $335,000 for his role in the scandal, including letting false and misleading financial statements be released to the market. His sentence was reduced for good behaviour.
Immediately after his release from Changi Prison, Mr. Chen left for his hometown of Hubei yesterday with his brother.
In an exclusive interview with Lianhe Zaobao published yesterday, Mr. Chen spoke about his three years behind bars but declined to talk about future plans.
He spent much of his prison term reading, and estimated that he had covered a few hundred books. ‘You could say that I spent my time reading, reforming myself and reflecting,’ he said.
According to the paper, he has aged visibly. He is bald at the crown and what remains of his hair is greying. But the paper said he still had an gleam in his eyes and a smile on his lips.
He fell ill only once in prison, with flu. In the three years, he has shed 18kg to weigh in at a much lighter 68kg.
On hearing about the earthquake in Sichuan last year, he had immediately wanted to donate blood. He offered to donate his earnings from his prison job, albeit meagre, in the fund-raising exercise.
Mr. Chen was grateful for the well wishes from friends and associates during his time inside. Musing on the turn his life has taken, he said in Mandarin: ‘Hell is side by side with heaven.’
In the past, he had spent his time mingling with the upper crust of society. But in prison, he had experienced what it was like to be among the dregs of society. ‘Locked up here are many whom one would consider failures in life.’
Mr. Chen sees his life in three phases - his youth, studying at Beijing and starting work, and life after prison.
In a philosophical mood, he said that life has both its variables and its constants. Life is about making choices and Mr. Chen said that he has chosen the path of working hard.
He said that before he started serving his sentence, his wife had passed him a saying from the Chinese philosopher Mencius - words which resonate with him.
The words were: ‘You can work hard and whether you succeed or not, that is something that you have to accept.’
Of the CAO scandal and its aftermath, Mr. Chen said: ‘Up to now, I still maintain this point: The incident was very unfortunate for the shareholders but I did my best to resolve the issue. I was not motivated by personal gain or greed, and shouldered this incredibly heavy task.’
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Former CAO Head Released
Before returning to China, he reflects on his time in jail and his role in corporate scandal
21 January 2009
The man at the centre of the China Aviation Oil (CAO) scandal which rocked the corporate world back in 2004, Mr. Chen Jiulin, returned to China yesterday after spending two years and 10 months in prison.
In late 2004, CAO, a jet fuel supplier, announced it was facing US$550 million of losses from derivatives trading. The company had bet that oil prices would fall, but they rose instead.
In March 2006, Mr. Chen was sentenced to a jail term of four years and three months and fined $335,000 for his role in the scandal, including letting false and misleading financial statements be released to the market. His sentence was reduced for good behaviour.
Immediately after his release from Changi Prison, Mr. Chen left for his hometown of Hubei yesterday with his brother.
In an exclusive interview with Lianhe Zaobao published yesterday, Mr. Chen spoke about his three years behind bars but declined to talk about future plans.
He spent much of his prison term reading, and estimated that he had covered a few hundred books. ‘You could say that I spent my time reading, reforming myself and reflecting,’ he said.
According to the paper, he has aged visibly. He is bald at the crown and what remains of his hair is greying. But the paper said he still had an gleam in his eyes and a smile on his lips.
He fell ill only once in prison, with flu. In the three years, he has shed 18kg to weigh in at a much lighter 68kg.
On hearing about the earthquake in Sichuan last year, he had immediately wanted to donate blood. He offered to donate his earnings from his prison job, albeit meagre, in the fund-raising exercise.
Mr. Chen was grateful for the well wishes from friends and associates during his time inside. Musing on the turn his life has taken, he said in Mandarin: ‘Hell is side by side with heaven.’
In the past, he had spent his time mingling with the upper crust of society. But in prison, he had experienced what it was like to be among the dregs of society. ‘Locked up here are many whom one would consider failures in life.’
Mr. Chen sees his life in three phases - his youth, studying at Beijing and starting work, and life after prison.
In a philosophical mood, he said that life has both its variables and its constants. Life is about making choices and Mr. Chen said that he has chosen the path of working hard.
He said that before he started serving his sentence, his wife had passed him a saying from the Chinese philosopher Mencius - words which resonate with him.
The words were: ‘You can work hard and whether you succeed or not, that is something that you have to accept.’
Of the CAO scandal and its aftermath, Mr. Chen said: ‘Up to now, I still maintain this point: The incident was very unfortunate for the shareholders but I did my best to resolve the issue. I was not motivated by personal gain or greed, and shouldered this incredibly heavy task.’
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