PwC report blames options rolls for CAO losses
04 Apr 2005
China Aviation Oil (CAO)'s shock $550m OTC derivatives losses (see FO Week Vol 9 No 48) were partly due to the company's rolling of its options portfolio to avoid recording losses in its financial statements, according to a Pricewaterhouse Coopers (PwC) report on the company's oil trading fiasco.
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