When describing the reasons for the collapse of China Aviation Oil, which of the following was not cited?

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

Answer: D

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