Cathay shareholder unveils huge currency related losses
A major shareholder of Cathay Pacific said Tuesday it could incur losses of more than $2 billion due to failed currency speculation deals.
CITIC Pacific, which holds a 17.5 percent share of Hong Kong-based Cathay, said unauthorized speculation on Australian currency are largely responsible for the dour news, with foreign exchange losses accounting for 150 percent of the company’s net profit. The state-backed Chinese conglomerate has stakes in steel, iron ore, property and power generation.
Cathay shareholder unveils huge currency related losses
