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Mitsubishi to shut Singapore oil-trading unit after unauthorised losses

Reuters
Reuters11/7/2019 11:23 AM GMT+08  • 2 min read
Mitsubishi to shut Singapore oil-trading unit after unauthorised losses
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.
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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.

Mitsubishi, Japan’s biggest trading house by sales, said in September that a trader lost US$320 million in unauthorised transactions in crude oil derivatives and that the matter had been reported to the police.

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