SINGAPORE (Sept 20): Mitsubishi Corp unit Petro-Diamond Singapore expects to book a loss of about US$320 million ($440 million) from unauthorised oil trades, the parent company said in a statement.

An employee hired locally by Petro-Diamond to handle its oil trading with China repeatedly engaged in “unauthorised derivatives transactions” and disguised “them to look like hedge transactions” since January, Mitsubishi said in the statement.

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