China Aviation Oil (CAO)

Learning from losses

Energy and commodity markets have staged impressive growth in the past 15 years, but there have also been some eye-watering failures along the way. Katie Holliday considers what has been learnt from these catastrophes, and whether derivatives scandals…

CAO finance chief sentenced in Singapore

A Singapore court has sentenced Peter Lim, former chief finance officer of China Aviation Oil (CAO), to two years in prison for his part in the firm's 2004 derivatives scandal.

CAO used “incorrect mark-to-market methodology”

China Aviation Oil (CAO) has published a report into the circumstances surrounding $550 million in oil derivatives losses, which the Singapore-listed firm – supplier of virtually all China’s jet fuel imports – revealed in late November.

A wrong-way bet

China Aviation Oil (CAO) revealed in late November that it had lost $550 million through trading oil derivatives – but not before its Chinese parent sold $108 million in CAO shares. By Nick Sawyer, with additional reporting by Jill Wong

China Aviation Oil suffers $550 million derivatives loss

Singapore-based China Aviation Oil, the supplier of nearly all of China’s jet fuel imports, has racked up $550 million in losses through speculative oil derivatives trades. This has forced the company to seek court protection from creditors while it…

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