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To: Chispas who wrote (17408)	12/2/2004 2:17:03 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

The main function for Chinese Net "police" is to filter out some key words they consider improper, it is not certain web site per se. There are plenty of Proxy servers around the world for Chinese to use to go around those filters as well as accessing the block sites. So those filters are not at all as effective as they made to believe by the West. Since Google includes plenty of overseas unfounded anti-China rumors with those key words while at the same time to exclude a lot of decent news on China with dependable sources, I guess that may be why the site is blocked by Chinese Net police<g>

To: Chispas who wrote (17408)	12/2/2004 2:43:45 PM
From: mishedlo	Respond to of 116555

Singapore tries to limit $550m trading scandal By John Burton in Singapore Published: December 2 2004 02:00 \| Last updated: December 2 2004 02:00 The Singapore Exchange scrambled yesterday to limit damage from the biggest scandal to hit it since rogue British trader Nick Leeson felled Barings bank, ordering an inquiry into a $550m (£288m) derivatives loss by a Chinese company. China Aviation Oil, one of Singapore's top China-related listings, sought court protection after running up the loss trading oil derivatives. The loss amounted to more than CAO's market value. The affair, which could also involve insider trading, is the city-state's biggest financial scandal since 1995 when Mr Leeson, the Singapore-based Barings trader, lost $1.2bn in speculative currency trading that caused the collapse of the British bank. The SGX immediately ordered an inquiry by PwC, the professional services firm, after Chen Jiulin, CAO's chief executive, was suspended from his post as head of the jet-fuel supplier, which is owned by Beijing-based China Aviation Oil Holding. One question is whether the Chinese parent knew of the losses when it sold a 15 per cent stake in CAO to institutional investors in late October, although the SGX said the PwC probe would focus on derivatives trading and CAO's internal controls. The placement was arranged by Deutsche Bank, which yesterday said it would co-operate with regulators. "For shareholders, this is a corporate earthquake registering, say, 9.5 on the Richter scale. This is another Barings," said David Gerald of the Securities Investors Association of Singapore. CAO admitted it had delayed disclosing the losses incurred in October after it bet against rising oil prices, because it thought shareholders would benefit if it could form a rescue plan first. The scandal could dent Singapore's reputation as a well-regulated financial centre, raising questions about the SGX's wooing of small and medium-sized mainland Chinese companies to list in the city-state as regulators adopt a new system that puts the onus of corporate disclosure on listed companies. The SGX has looked to Chinese listings as a way to generate higher trading volumes. The 68 Chinese companies listed in Singapore account for about 10 per cent of total listings. Hugh Young, managing director of Aberdeen Asset Management in Singapore, said: "This scandal could happen anywhere, but it does shows the risks that can occur once you go outside the home country to gain listings." Worried the CAO debacle might cause investors to shun China-related stocks, the SGX said "the market should consider each company, be it local or foreign, on its merits". But this plea appeared to have little effect. Although the Straits Times Index closed up 0.55 per cent at 2,038.84, shares in SGX-listed Chinese stocks fell. CAO's share price fell 23 per cent before trading was suspended on Monday. CAO said $100m lent by its parent had been used to meet margin calls on futures contracts.