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 中国国企历史上最大的5.5亿美金年亏损 |
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Business Times - 02 Dec 2004
Chen Jiulin - a fallen star
By JOYCE KOH
HIS was a fast-rising star that tumbled just as rapidly in recent weeks as his China Aviation Oil lost US$550 million speculating in the volatile oil market. Chen Jiulin, 43, was suspended as chief executive officer of CAO after the Singapore-listed company revealed disastrous bets on oil derivatives.
Born on Oct 20, 1961, in Xishui Country, Hubei province, Mr Chen graduated from Beijing University in 1987 with a Bachelor of Arts degree. In 1996, he obtained a post-graduate diploma in international private law from the China University of Political Science and Law.
He also received an executive Master of Business Administration (MBA) degree from the National University of Singapore (NUS) and was pursuing a doctorate in law at China's Tsinghua University while running China Aviation Oil.
Indeed, before his suspension, Mr Chen was lauded as a visionary leader and respected businessman who made it good here after being appointed to head CAO's Singapore office in 1997.
First a general manager before rising swiftly to managing director and CEO, Mr Chen was recognised for steering the company to profitability and a listing on the Singapore Exchange in December 2001. For his efforts, he was promoted to vice president of the state-owned parent company.
These business achievements aside, he also became director of the Singapore International Arbitration Centre. And last year, in a glowing tribute, the World Economic Forum named Mr Chen as one of the 40 'New Asian Leaders' under 45 years of age. 'We are very proud of Jiulin...China Aviation Oil has grown by leaps and bounds under his leadership,' Professor Christopher Tang, dean of the NUS Business School, said then of its alumni member whose star was shining at its brightest.
The school also adopted CAO as an MBA case study 'due to its outstanding performance and advanced management mechanism'.
As news of Mr Chen's woes were brought to light yesterday, many of his business associates recalled his dynamism and sharpness that made the man such a poster boy in the local business world.
Professor Lim Chin, dean of NUS Business School, recalled Mr Chen had been a very supportive alumni, and often made himself available to share his management experience to its students and alumni.
'The School is proud of what he has achieved at CAO in the past few years,' said Prof Lim.
One business associate said: 'He had been very very busy lately but I remember him as someone pretty savvy and well-spoken.'
Another contact called him a 'dynamic and out-going person who was untypical of your Chinese bureaucrat.' 'He had ambitions for the company and a very clearly articulated strategy on where to bring the company and how he was going to buffer volatility in trading in investments. But he was also someone who liked the limelight and could be a bit pushy in trying his views across.'
Perhaps the most enduring image the public had of Mr Chen was when the $7-million-man, one of the best-paid head honchos around town, said in August last year that he would take a voluntary pay cut because of a new profit-sharing formula.
In an interview shortly after, Mr Chen said: 'The truth is, I seldom spend my money. I agree with a Chinese saying that no matter how much money you have, you can eat just three meals a day and sleep in one bed.' The report said the only visible sign of his wealth was a chauffeured Mercedes Benz limousine, but Mr Chen and his wife had no maid and lived in a rented condominium.
In September, Mr Chen told his audience at the SIM-RMIT University Degree Conferment and Award Ceremony: 'Sometimes our personal and psychological histories distract us. But what I am is all I have and unless I believe in myself, no one can help me.'
Wednesday, December 1, 2004
State firm loses record US$550m in oil trade
WANG XIANGWEI in Beijing
China Aviation Oil (Singapore), which has a near monopoly on importing jet fuel into the mainland, has suffered the biggest trading losses by a state-owned firm in the history of the People's Republic after losing US$550 million in oil derivatives trading.
The company said yesterday that rising international oil prices were partly to blame for its losses.
"In October, international oil prices rose steeply, leading to the company having to face significant margin calls on its open derivative positions," the company statement said.
"From October 26 to date, the accumulated losses from these closed positions amounted to approximately US$390 million. The company is in the process of closing the remaining outstanding positions and estimates the losses from the closure of these positions to be approximately US$160 million."
The company said it would propose a scheme of arrangement with creditors to settle all existing debts and liabilities.
CAO Singapore, 60 per cent owned by its Beijing parent, China Aviation Oil Holding, has suffered several blows this month, including the oil trading losses and the collapse of its US$221 million bid for a stake in Singapore Petroleum.
CAO said its parent company had granted it a US$100 million loan which had been fully disbursed to meet margin calls and satisfy some of its losses.
"To check the mounting losses suffered by the company from the increasing oil prices, the company has halted all its speculative oil derivative trading activities with the exception of the closing of the remaining open positions," it said.
The company's staggering losses again raise questions about the wisdom of allowing state company officials to play the volatile international futures markets.
Analysts said CAO Singapore's troubles could have implications for the forthcoming listing of Air China, which said on Monday it planned to hedge up to half of its jet fuel for next year to reduce the impact of another oil-price shock.
CAO Singapore could collapse if the central government does not step in and rescue the company, mainland sources said. The company's shares closed at 96.5 Singapore cents last Friday before trading was halted on Monday. Based on that price, its losses are almost equal to its market value.
"The loss [by CAO Singapore] surpasses that incurred by Zhuzhou Smelter, one of the mainland's top zinc producers, in 1997 when it was found to have racked up US$175 million in losses from unauthorised zinc futures trading on the London futures exchange," one source said.
The company's statement also said it had removed chief executive Chen Jiulin from active duty and China Aviation Oil Holding had named manager Gu Yanfei to lead a special task force to oversee daily operations and the restructuring of the company.
Sources said CAO Singapore sold short oil futures when the oil price hovered around US$30 a barrel, expecting profits if oil prices fell. But oil prices have continued to climb this year and have remained around US$50 per barrel.
Signs of trouble at CAO Singapore emerged two weeks ago when the company said it would cease most of its oil-trading activities by the end of the month. Then last week, its parent company vetoed its plan to buy a 20.6 per cent stake in Singapore Petroleum.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 中国国企历史上最大的5.5亿美金年亏损 -- 青青 - (7293 Byte) 2004-12-02 周四, 11:54 (2254 reads)
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