China Aviation Oil,J. Aron drop lawsuits

摘要

Singapore-China Aviation Oil is to discontinue its legal action against trading company J. Aron, and J. Aron will drop its counterclaim against CAO, the Chinabacked, Singapore-listed jet fuel trader said this week. CAO, which at the end of 2004 collapsed under losses of 550 million racked up in speculative trading of oil derivatives, took J. Aron to the Singapore High Court in March 2005, alleging that it had been "misled" by the Goldman Sachs unit on the restructuring of its options portfolio. CAO had sought unspecified damages from J. Aron and the cancellation of two agreements signed between the two companies in January and June 2004 for J. Aron to help restructure CAO's options portfolio.