CAO blames Goldman

New angles

China Aviation Oil (CAO) has accused Goldman Sachs’ commodities unit, J Aron, of playing a major role in causing the Singapore-listed company to rack up oil derivatives losses estimated at $550 million, which CAO revealed late last year.

CAO – which itself is fending off a raft of litigation from creditors and investors as it attempts to restructure – accused Goldman of “misrepresentation, negligence, breach of statutory duties and/or deceit”, in a writ filed with Singapore’s Hi

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