Jia Changbin has been ordered to resign from his post as general manager of the China Aviation Oil Holding Company (CAOHC) for his involvement in a scandal concerning the Singapore Stock Exchange. He was found guilty by a Singaporean court in 2004.

Last week, the State-owned Assets Supervision and Administration Commission of China announced Sun Li as Jia's successor as head of the heavyweight jet fuel supplier. Sun is former chief of the chemical and marketing business of the China National Petroleum Corporation

Jia and his former deputy Chen Jiulin, who was also chief executive of CAOHC subsidiary China Aviation Oil (Singapore), were found to have failed to inform the Singapore Stock Exchange of its massive losses of US$550 million from oil derivative trading.

Photograph: Jia Changbin.