Wednesday, 06 Nov 2019 02:28 PM MYT
The logo of Mitsubishi Corporation is displayed at the entrance of the company headquarters building in Tokyo. — Reuters pic TOKYO, Nov 6 ― Japanese trading house Mitsubishi Corp said today it will shut down a Singapore unit that trades crude oil and petroleum products after alleging earlier that a trader racked up US$320 million of losses in unauthorised trading.
Mitsubishi said the unit, Petro-Diamond Singapore, “has confirmed after closing the positions concerned, it will realise a loss of approximately ¥34.2 billion before taxes, which could put the subsidiaries final debt as high as ¥30.8 billion.” Mitsubishi Corp, Japan's biggest trading house by sales, said in September the trader at Petro-Diamond had lost US$320 million through unauthorised transactions in crude oil derivatives and that the matter had been reported to the police.Related Articles
Source: Digital Coin News (digitalcoinnews.net)
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