Jet-Fuel Trader Executives Charged
Prosecutors in Singapore charged five executives and directors of failed jet-fuel trader China Aviation Oil Singapore with crimes including forgery, insider trading and issuing false financial statements in connection with a derivatives-trading scandal last year that stuck the Chinese state-controlled company with more than $500 million in losses.
Chen Jiulin, the suspended chief executive of CAO Singapore, was charged with 15 offenses and is in police custody, unable to pay $1.2 million in bail.
Currency Falls on Corruption Probe
Brazil's currency, the real, fell for the seventh day in eight after Congress said it will investigate alleged corruption at state-run companies. The real hit a one-month low, falling as much as 1.2 percent, after opposition lawmakers suggested that the inquiry could expand into a broader investigation of graft allegations against the government of President Luiz Inacio Lula da Silva.
Oil Subsidiary Faces Tax Inquiry
A subsidiary of oil producer Lukoil, Naryanmarneftegaz, is under investigation for evading nearly $1.5 million in taxes this year, the Interfax news agency said, citing a statement issued by the Interior Ministry's branch in northwestern Russia. After an investigation last year found the oil company Yukos liable for $28 billion in back taxes, authorities investigated other Russian companies.
Khodorkovsky Lawyers Appeal
Lawyers for oil tycoon Mikhail Khodorkovsky, former head of Yukos, and his business partner Platon Lebedev appealed their clients' guilty verdicts and nine-year sentences. Khodorkovsky and Lebedev were convicted May 31 on criminal charges that included fraud and tax evasion. Their trial was widely viewed as punishment for Khodorkovsky's perceived political ambitions and as part of a drive to solidify state control over the oil industry.
Compiled from staff and news service reports.