A wrong-way bet

An investigation into Singapore-listed China Aviation Oil (CAO) is under way after the company revealed in late November that it has racked up $550 million in losses through trading oil derivatives. The losses have left the firm – an oil trading company and supplier of virtually all China’s jet fuel imports – on the brink of collapse and have forced CAO to seek court protection from creditors while it hammers out a rescue package.

The revelation of the losses in late November has sparked separate

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