CAO Singapore says to improve corporate governance

Jet fuel trader China Aviation Oil (Singapore) Corp. admitted on Friday that it needs to improve its management and corporate governance after its November collapse under $550 million in derivative trading losses.

Responding to a March auditor's report by accounting firm PricewaterhouseCoopers (PWC), the Beijing-backed firm said it was "fully committed" to improve corporate governance as part of its overall restructuring efforts.

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