Chen Jiulin will be assigned as the vice president of Gezhouba International

Chen Jiulin, born in Hubei Province, graduated from the Oriental Studies Department of Peking University, and later obtained a master’s degree of International Private Law in China University of Political Science and Law, a master’s degree of Management in National University of Singapore and  Tsinghua University and a master’s degree of Civil and Commercial Law in Tsinghua University.

Chen Jiulin : ex-president of China Aviation Oil (Singapore) Limited

After graduating from Beijing University, Chen entered the director’s office of the Civil Aviation Authority as a translator, then acted as a foreign expert assistance in Aircraft Maintenance and Engineering Corporation (Ameco Beijing).

In 1993, he joined the China Aviation Oil Holding Corporation (CAOHC).

During the 1997 Asian financial crisis, the parent company of China Aviation Oil Singapore appointed Chen Jiulin to take over the local subsidiary in Singapore- China Aviation Oil (Singapore) Limited. Chen served as

General Manager, Managing Director, Executive Director and President.

In 2003, approved by the directorate, China Aviation Oil was approved to start option trading of oil derivatives and achieved the initial small gains.
At the end of 2004, during the rapid rise of oil forward prices, one trader – Ji Ruide misjudged and saled of a large number of call options (so-called short selling), leading to huge losses of 550 million U.S. dollars.

In October, 2004, China Aviation Oil Group decided to sell the held 75% shares to institutional investors for 15% discount, raising 111 million dollars in secret to cover their short positions (which was later widely accused by the public investors and the “insider trading” is also the main reason leading to imprisonment of Chen Jiulin later).

March 21, 2006, Singapore’s inferior court sentenced Chen Jiulin to four years and three months imprisonment, and he was fined 335,000 Singapore dollars.

January 19, 2009, Chen is released and on that day return to Hubei province by plane.

May 4, 2010, Chen Jiulin published a signed article entitled “How to expand our oil voice” in “Chinese Entrepreneur” magazine, which is Chen Jiulin’s first public article since 2004.

June 22, 2010, insiders from China Gezhouba International Engineering Co., Ltd. (refers to the below “Gezhouba International”), said that Chen Jiulin impressively appeared at the senior officials presentation in Gezhouba international official website.

Gezhouba International Engineering Co., Ltd.

Gezhouba International was founded in 2006, a subsidiary of Gezhouba Group, which is responsible for centralized management of all Gezhouba Group’s overseas operations.  It has undertaked more than 30 international projects in Asia, Africa and South America, leading Gezhouba Group to become No. 99 in the world’s largest 225 international contractors .   Gezhouba international business scope includes general contracting of water conservancy and hydropower projects construction, real estate development and property management, which have totally nothing to do with oil .

Chen Jiulin is currently vice president of Gezhouba international, in charge of human resources. Specific business of Gezhouba international Human Resource Department include international human resources recruitment, personnel management, education training, etc.

“State-owned Assets Law” claims that nationalized business’ directors, supervisors and senior managements may not serve as directors, supervisors and senior managemen perpetually if he has caused major losses of state assets before. Chen Jiulin had almost led to the bankruptcy of China Aviation Oil which is clearly belong to “heavy losses”. Now Chen Jiulin’s serving as vice president of state-owned enterprises  caused many critics’ concerns.

Reference:

http://news.sina.com.cn/pl/2010-06-23/081720528762.shtml

http://news.sina.com.cn/c/2010-06-23/045820526796.shtml

http://www.gzbgj.com/article.aspx?menuid=1292&tab=tab_News&tabid=3

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