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.

Leave a Commment

You may also like

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]