China Aviation Oil (Singapore) Corporation Limited’s Jet Fuel Scandal (2005) – Casestudy

China Aviation Oil (Singapore) Corporation Ltd. (CAO) was involved in the biggest scandal of the city-state of Singapore since the Nick Leeson case (1995), in which Baring Bank collapsed and lost around $1.3 billion in speculative trading. Following losses of around $550 million, CAO filed for bankruptcy in November 2004. Improper application of accounting principles, and inadequate […]