From the International Herald Tribune: “In 2002, China Aviation Oil (Singapore) was named Singapore’s most transparent company by the island’s Securities Investors Association. No doubt the group is regretting that decision.
The Singapore-based company is being investigated for losses from speculative oil trading that it hid from investors. The $550 million derivatives-trading loss is Singapore’s biggest since the trader Nick Leeson brought down Barings in 1995 with more than $1.4 billion in losses. Former Prime Minister Goh Chok Tong says the city’s reputation as a financial center will rest on how it handles the inquiry.”
