[4] CAO began trading oil-related derivatives to hedge its purchases of jet fuel against the volatility of the price of oil.

"[7] CAO then turned to its parent company China Aviation Oil Holding (CAOH) which provided an emergency loan of $100 million, however, it was insufficient which led to a proper restructuring.

Chen pleaded guilty to "insider trading, failure to disclose losses, making false financial statements and conspiring to deceive Deutsche Bank into handling the sale of a stake in the company in 2004".

BCP had paid CAO $19 million after the company showed documentation indicating that the cargo had been loaded onto an oil tanker in Malacca in Malaysia where Zenrock was responsible for its delivery.

CAO denies all allegations and claims that the cargo was in fact shipped from Malacca on 27 January 2020 abroad the Vietnam-flagged tanker, Petrolimex 18.

Lim Oon Kuin also instigated another Hin Leong employee to forge three documents which were supposedly issued by UT Singapore Services Pte Ltd.