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Losses & lawsuits

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China Aviation Oil

China Aviation Oil (Singapore) (CAO), which is 60% owned by China Aviation Oil Holdings of Beijing, sought court protection from creditors on November 29, 2004 after losing US$550 million as a result of speculative derivatives contracts. The firm had placed bets on options contracts that the price of jet fuel would fall. Instead, the price rose steadily, as did CAO’s losses. Trading of public shares in the company was also suspended on November 29, 2004. The case is

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