(Sept 25): The Chinese trader fired by Mitsubishi Corp. for allegedly losing US$320 million ($441 million) in oil trading said he was acting on his managers’ orders and there were no unauthorised transactions, according to his lawyer.

The losses at Mitsubishi’s unit Petro-Diamond Singapore resulted from “premature” settlement of the derivatives positions by the company, said Joseph Chen, the Singapore-based lawyer for the trader, Wang Xingchen. “Our client takes the position that he had not engaged in unauthorised trades in crude oil derivatives,” Chen said in a statement.

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