China Aviation Oil (Singapore) Corp (CAO) has announced
shock losses of $550m from oil derivatives trading. The
Singapore Exchange-listed company has sought protection from
creditors, suspended both its ceo, Chen Jiulin, and its shares,
and has outlined rescue plans by its Beijing parent company and
Singapore's state investment agency Temasek.
Just two weeks earlier the firm announced a profit collapse
and said it would suspend all derivatives trading activity (see
FO Week Vol 9 No 46). PricewaterhouseCoopers will
conduct an investigation into the fiasco and will report its
findings to the Singapore Exchange.
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