When describing the reasons for the collapse of China Aviation Oil, which of the following was not cited?
A . No properly defined risk management policies in place and general lack of oversight by senior management
B . Time value was not taken into account during the contract valuation process
C . Loss generating positions were rolled over by selling options on larger positions to generate cash premiums’ to settle existing position losses
D . Senior management in China were aware of the positions but did not understand the complexities of risk managing them