Singapore has to stay vigilant and keep pushing for greater corporate governance and reform if it does not want to lose its lustre as a top notch regional financial centre.
That is the view of market watchers, following the jailing of ex-CEO of China Aviation Oil (CAO) Chen Jiulin on cheating and false reporting charges.
Five senior executives of China Aviation Oil have been convicted for their role in the trading scandal that brought the jet fuel trader to the brink of collapse in 2004.
While three of them were only fined, Chen and the former finance chief Peter Lim are now in jail.
In passing sentence on Chen, the judge said there had to be a deterrent jail term to show that Singapore was serious about its reputation as a financial hub.
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