Home Business News Mitsubishi shuts Singapore oil arm

Mitsubishi shuts Singapore oil arm

by LLB Editor
6th Nov 19 8:04 am

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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