Goldman Sachs (GS)

Shenzhen Nanshan Power Co., a utility based in the southern Chinese city, said it refused demands by a Goldman Sachs Group Inc. unit to pay $80 million for alleged default on oil-hedging contracts.
Shenzhen Nanshan and Goldman Sachs disagreed on the cause for terminating the contracts in December 2008 and it remains to be determined which party should incur the trading losses, the Chinese firm said in a stock exchange statement today. Shenzhen Nanshan said that while negotiations with Goldman Sachs' Singapore unit are continuing, it won't rule out the possibility of legal action.

Jan 1 · 2:22:00 PM · Source: Business Week
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by Michael Oliveto