China Oil Firm Admits to Trading Losses

China Aviation Oil, a Chinese jet-fuel supplier, said it had racked up $550 million in losses on derivative trades and was seeking protection from its creditors. AP also reported that the company has suspended chief executive Chen Jiulin while accountants PricewaterhouseCoopers investigated what went wrong.The scandal could be the biggest case of losses from speculative trading in Singapore since trader Nick Leeson rung up more than $1 billion in losses that eventually led to the collapse of Britain’s Barings Bank in 1995.

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