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SINGAPORE : Mainboard-listed jet fuel supplier China Aviation Oil (CAO) reiterated on Friday that it has no problems with its corporate governance and disclosures.
At its earnings briefing, CAO also took the opportunity to say it has found a new chief executive to fill the post that has been left vacant since 2006.
After a lapse of about two years without a key man at the helm, the jet fuel trader has named Meng Fanqiu as its new chief executive. The move comes as CAO prepares to re-commence oil trading by the second half of this year.
The company was brought to the brink of collapse at the end of 2004 when it revealed trading losses of more than US$500 million.
Even as the company seeks to move on, there have been questions raised over its corporate governance recently. This comes after a high-profile resignation by one of its independent directors - Lee Suet Fern.
CAO was also criticised for not properly disclosing remuneration details of its directors. But the company came forward on Friday to dismiss those concerns.
Lim Jit Poh, Chairman, China Aviation Oil, said: "We have disclosed everything that we need to disclose within the perimeters that we are operating on under the code.
"As I said in the first announcement, we list a lot of the things that we have been disclosing properly. We feel that this is what we are. If there's room for further improvement, we'll improve as we go along."
CAO booked a 60 percent jump in first-quarter earnings on-year - to US$9 million. Going forward, CAO expects domestic demand for jet fuel in China this year to grow by 18 percent as the country prepares to host the Beijing Olympics. - CNA/ms
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