China Aviation Oil hid US$390m derivative loss in struggle to survive
China Aviation Oil’s trading unit, China Aviation Oil (Singapore) Corp (CAOSCO) hid an initial US$390 million loss while its directors sought “white knights” to save it from liquidation, it emerged yesterday as the company announced an estimated US$550 million loss from oil derivative trading and suspended its chief executive Chen Jiulin while the loss is investigated.
At October 26 losses amounted to US$390. The company is in the process of closing existing outstanding positions, and
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