Air China denies involvement in CAO bailout

Air China maintained it had no plans to help bail out collapsed China Aviation Oil (Singapore) Corp (CAO), Agence France-Presse reported, quoting an Air China spokesman. AFP said Air China's Wang Yongsheng denied reports that the carrier would join Sinopec and China National Petroleum in bailing out CAO which lost US$550m in derivatives trading in Singapore, sparking a criminal inquiry.