Foreign companies face Singapore clamps

Singapore on Monday proposed tightening corporate governance rules on foreign companies listed in the city-state after last year's financial scandal at China Aviation Oil, Chinese state-owned jet fuel importer.

The move is seen as helping to improve investor confidence in Chinese companies listed in Singapore. Many suffered share price falls on worries about corporate governance in the wake of the scandal at CAO, which belatedly revealed that it had lost US$550m in oil derivatives trading.

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