Losses & lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
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
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