SINGAPORE (Nov 7): Mitsubishi Corp, Japan’s biggest trading group, said on Wednesday it would shut its Singapore-based crude oil and fuel trading unit after revelations in September that a trader there racked up enormous unauthorised trading losses.

The unit, Petro-Diamond Singapore, will lose about 34.2 billion yen ($428 million) before taxes after closing the unofficial trading positions. That means the final debt for the unit could be as high as 30.8 billion yen, the company said in a statement.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook