Singapore-based traders expressed shock at the latest incident of rogue trading.
In what will be a reminder of the collapse of Barings Bank after Nick Leeson’s trades in Singapore in 1995, and the huge losses at Societe Generale by rogue trader Jerome Kerviel in 2008, the trader that Mitsubishi has alleged carried out a series of unauthorized trade this year disappeared in August.
While PDS has closed the positions, “we are now examining the total amount of losses,” Mitsubishi said, adding that the issue has been reported to the police and the trader’s contract terminated. Mitsubishi said it could not identify the trader. Mitsubishi has a reputation as a careful trader and only reported its first group annual loss in 2016, when commodities markets slumped. It was founded in 1954.
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Revenge for World War 2
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