ENERGY & COMMODITIES

Mitsubishi's Singapore unit loses US$320m on unauthorised crude oil trading

[TOKYO] Mitsubishi Corp, one of Japan’s biggest trading houses, said on Friday a Singapore-based unit has made a loss of US$320 million from unauthorised trading of crude oil derivatives.

An employee of Petro-Diamond Singapore (PDS) who handles crude oil trades for China “was discovered to have been repeatedly engaging in unauthorised derivatives transactions and disguising them to look like hedge transactions since January of this year”, Mitsubishi said in a statement.

While PDS has closed the positions, “we are now examining the total amount of losses”, Mitsubishi said. 

REUTERS

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