How Singapore’s investor watchdog fights the good fight for small shareholders
==========
The Securities Investors Association (Singapore) (SIAS) played a crucial role in addressing the fallout from the US$550 million financial fraud at China Aviation Oil (CAO) in December 2004; SIAS president David Gerald received a call about CAO's collapse at 6 AM on December 1, 2004; CAO's CEO Chen Jiulin was implicated in the scandal after the company reported massive trading losses; CAO's stock peaked at S$1.89 in March 2004 before plummeting; SIAS criticized CAO for failing to disclose material information to investors; CAO's losses exceeded US$900 million within a year; SIAS emphasized the impact on small shareholders, whose investments were wiped out; The scandal drew parallels to the Barings Bank collapse in 1995; SIAS was established in 1999 to protect minority shareholders; The book 'Boardroom Knockout' details SIAS's efforts in corporate governance.
#Singapore #Investors #CorporateGovernance #ChinaAviationOil #FinancialFraud #SecuritiesInvestorsAssociation #DavidGerald #ChenJiulin #StockMarket #Shareholders
https://www.scmp.com/week-asia/people/article/3280234/how-singapores-investor-watchdog-fought-small-shareholders-china-aviation-oil-scandal?module=twia_highlight&pgtype=section
South China Morning Post /
npub1x2…knuvq
2024-09-29 08:47:35
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npub1x2q0x7w5tqx0x3j9tdvkvqmetarpr8axhpjq7qw5xxrcysdwtrzssknuvqPublished at
2024-09-29 08:47:35Event JSON
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"content": "How Singapore’s investor watchdog fights the good fight for small shareholders\n==========\n\nThe Securities Investors Association (Singapore) (SIAS) played a crucial role in addressing the fallout from the US$550 million financial fraud at China Aviation Oil (CAO) in December 2004; SIAS president David Gerald received a call about CAO's collapse at 6 AM on December 1, 2004; CAO's CEO Chen Jiulin was implicated in the scandal after the company reported massive trading losses; CAO's stock peaked at S$1.89 in March 2004 before plummeting; SIAS criticized CAO for failing to disclose material information to investors; CAO's losses exceeded US$900 million within a year; SIAS emphasized the impact on small shareholders, whose investments were wiped out; The scandal drew parallels to the Barings Bank collapse in 1995; SIAS was established in 1999 to protect minority shareholders; The book 'Boardroom Knockout' details SIAS's efforts in corporate governance.\n\n#Singapore #Investors #CorporateGovernance #ChinaAviationOil #FinancialFraud #SecuritiesInvestorsAssociation #DavidGerald #ChenJiulin #StockMarket #Shareholders\n\nhttps://www.scmp.com/week-asia/people/article/3280234/how-singapores-investor-watchdog-fought-small-shareholders-china-aviation-oil-scandal?module=twia_highlight\u0026pgtype=section",
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