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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (4311)2/2/2005 1:10:44 AM
From: RealMuLan  Read Replies (1) of 6370
 
[Ho, Ho,Ho]--China's assets watchdog refuses to help CAO

BEIJING - A spokesman with China's state assets watchdog said here on Friday that the State-owned Assets Supervision and Administration Commission (SASAC) will not bail out China Aviation Oil (Singapore) Corp, or CAO.

The spokesman, Du Yuanquan, said the CAO restructuring plan was submitted to the Singapore High Court on Monday. The Singapore-listed company, which suffered a massive loss in derivatives trading, is now seeking investors who are interested in helping the company.

In line with laws in Singapore and international business practices, Du said, the company is looking for an appropriate solution that might settle the debts and minimize deficits.

As owner of China Aviation Oil Holding Company, which parents CAO, the SASAC will ask CAO to abide by rules in restructuring the company, but will not directly engage in the bailout plan, Du said.

Du said the SASAC hopes the CAO restructuring plan would be understood and accepted by its creditors.

Singapore's state investment vehicle Temasek Holdings is willing to participate in the restructuring.

Du said his commission is closely following developments in the case. He also said the SASAC will thoroughly investigate the loss and punish those responsible accordingly.

Du urged other big state companies to draw lessons from the CAO case and strengthen their own inner check mechanism.

(Asia Pulse/XIC)

atimes.com
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