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SINGAPORE/JAKARTA - Robert Chandran, the chief executive and founder of Singapore-listed fuel trader Chemoil, has died in a helicopter crash in Indonesia, the company said on Tuesday.
Mr Chandran, head of the biggest supplier of marine fuel in the Americas with annual revenue of US$4.4 billion (S$6.4 billion), was involved in an helicopter accident while travelling in Riau, Indonesia, according to an investor relations spokeswoman for the firm.
Terence Gidlow, the firm's vice president of business development was injured but is in stable condition, Chemoil added
Robert Chandran began operations as a fuel trader in 1981.
The India-born entrepreneur listed his marine fuel company Chemoil Energy Ltd in Singapore in 2006.
The firm, with a market cap of US$640 million, describes itself as a 'gas station for ships", and competes with traders such as BP, Chevron Corp and Vitol as well as storage firm Royal Vopak .
It was not clear who would take over the firm. Other executives include Jerome Lorenzo, chief financial officer, John Beckman, vice president of operations and Adrian Tolson, vice president of sales and marketing, Chemoil's Web site says.
Indonesian police and military spokesmen confirmed that there had been a helicopter crash in Riau province, adding that the helicopter had been carrying airforce officials and five civilians, and that one civilian was killed.
Zulkifli, a spokesman for the Riau province police, said that the helicopter had had an accident as it was trying to land near Pekanbaru, the capital of Riau province and a booming oil town.
Mr Chandran was ranked 14th on the Forbes 2007 list of 40 richest people in Singapore. Married with two children, he was estimated to be worth US$490 million, according to Forbes magazine.
Shares plunge at opening
Chemoil shares plunged 16 per cent at the start of trading on Tuesday. At 0102 GMT, Chemoil shares were down 8.7 per cent at 47 US cents (68 Singapore cents).
The firm's 450,000 cubic metre oil storage terminal in Singapore was expected to start operations in mid-January, with about half the capacity to be leased out. -- REUTERS
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