SINGAPORE: Singapore's central bank has slapped an S$8mil (US$4.8mil) civil penalty on Beijing's China Aviation Oil Holding Company (CAOHC) for selling shares in its Singapore unit a month before its November collapse.
CAOHC sold a 15% stake in China Aviation Oil (CAO) (Singapore) Corp. Ltd. on Oct 20 a month before the firm imploded from US$550mil derivatives trading losses in Singapore's biggest trading scandal since the 1995 fall of Barings Bank.
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