CHINA AVIATION missing 550 million dollars
Thread Starter
CHINA AVIATION missing 550 million dollars
BBC world is reporting something about Chna Aviation having an un-accountable 550 million shortfall in its accounts.
Not sure what it's all about; just seen it. They are comparing it to Barings
Not sure what it's all about; just seen it. They are comparing it to Barings
Join Date: Nov 2004
Location: Ireland
Posts: 272
Likes: 0
Received 0 Likes
on
0 Posts
China Aviation Oil - a jet fuel supplier. They discovered they have lost USD 550 million from trading in oil derivatives (about the same value of the company!) - it's normal to hedge against oil prices, especially in the current climate, but they obviously did a hell of a lot of speculative trading as well. Whether the speculative trading was sanctioned by management or done on the QT by a Nick Leeson fan is unclear.
Join Date: Nov 2001
Location: western europe
Posts: 1,367
Likes: 0
Received 0 Likes
on
0 Posts
