Just thinking?
Say you were the major shareholders/directors in a vertically integrated aviation company where fuel accounted for 30% of your costs. You are sick of having to share your hard earned profits with those pesky public shareholders via dividends, staff via profit share and the government via profits tax.
Would it make sense to set up a private company to execute part of your fuel hedging policy at ridiculous prices and perhaps to mask this deal, still hedge at closer to the market prices with third-party hedging providers? A lot of the profits go straight to the owners of this private company listed in an obscure tax jurisdiction, and the top line profits of this aviation company are whittled away.
Or am I just being paranoid?
Who does the company use to hedge its fuel costs, does anyone know and what relationship do they have with SWXXXES?