China says it will probe and punish those responsible for the bankruptcy of China Aviation Oil Singapore Corporation Ltd, the sole jet fuel importer of China's civil aviation industry.

A spokesman of the State-owned Assets Supervision and Administration Commission of the State Council made the comment Friday, saying the corporation's oil trading has violated regulations.

The spokesman also urges the branch of China Aviation Oil Corporation to cooperate closely with the Singaporean side to investigate the case.

China Aviation Oil Singapore Corporation Ltd had reportedly lost 550 million US dollars in speculative oil trading.

On the same day, China Aviation Oil Singapore Corporation Ltd said the Singapore high court permitted the company to hold a creditors' meeting within six months to discuss the company's reshuffle plan.