Mitsubishi Corp is shutting down a Singapore unit – Petro-Diamond Singapore – that trades crude oil and petroleum products after alleging a trader racked up $320m (£250m) of losses in unauthorised trading.
The unit has “has confirmed after closing the positions concerned, it will realise a loss of approximately 34.2 billion yen before taxes, which could put the subsidiaries final debt as high as 30.8 billion yen.”
The trader later denied wrongdoing in a statement issued through a lawyer.
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