Mitsubishi trader loses $320m in dubious deals in oil derivatives
The employee ‘was discovered to have been repeatedly engaging in unauthorised derivatives transactions and disguising them to look like hedge transactions since January’
20 September 2019 - 14:06
Tokyo/Singapore — Mitsubishi Corp, Japan's biggest trading house by revenue, said on Friday a trader at its Singapore-based unit had lost $320m through unauthorised transactions in crude oil derivatives, and the matter had been reported to the police.
The announcement is a blow for the Japanese trading company, which invests in everything from salmon to natural gas and trades many commodities around the world...
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