Official accountability

The question of holding executives at State-owned enterprises accountable for any acts of malfeasance is once again under the spotlight with the recent appointment of a key official to a crucial post.

Chen Jiulin, the former chief executive of China Aviation Oil (Singapore) Corporation Ltd (CAO), has been appointed vice-president of State-owned construction firm CGGC International Company Ltd.

Chen had effectively engineered the $550-million loss suffered by CAO after the company indulged in largely speculative and unchecked derivatives trades six years back.