Financial Times FT.com

CAO probe concentrates on Singapore

By Joe Leahy and John Burton in Singapore

Published: December 12 2004 18:13 | Last updated: December 12 2004 18:13

Investigations into the US$550m derivatives trading scandal at China Aviation Oil are concentrating on the group's listed unit in Singapore rather than its parent in mainland China, a CAO lawyer has said.

This is despite allegations that the parent company sold a 15 per cent stake in the struggling jet fuel importer in October to raise money to cover part of the subsidiary's oil trading losses. Investors were told at the time the sale was for investment purposes.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this