Chinese oil firm seeks rescue after shock derivatives losses
06 Dec 2004
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...
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