Caught short

Emission trading

China Aviation Oil (Singapore) Company (CAOSCO) began 2004 with an award for its risk management capabilities and a bright future as the trading arm of a near-monopoly supplier of jet fuel into China’s booming aviation market.

But it ended the year in bankruptcy, with its chief executive Chen Jiulin on bail from a Singapore jail, and with Singapore becoming the centre of a scandal surrounding the sale of 15.8% of the company by its parent China Aviation Oil Holding Company (CAOHC) which hid the

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