CAO fallout widens

13 Dec 2004

Fallout is increasing from the recent $550m loss by China Aviation Oil (Singapore) (CAO) from oil derivatives trading (see FO Week Vol 9 No 48).

The majority Chinese-owned company, which is listed on Singapore Exchange, has seen its ceo arrested then released on bail. Four other company traders have surrendered their passports to police, investors are questioning the...

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