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Mitsubishi says trader in Singapore lost $320 million

Christian Fernsby |
Mitsubishi said a trader at its Singapore-based unit has lost $320 million through unauthorized transactions in crude oil derivatives and the matter has been reported to the police.

Topics: MITSUBISHI    TRADER    SINGAPORE   

The PDS employee, who handled crude oil trades for China, “was discovered to have been repeatedly engaging in unauthorized derivatives transactions and disguising them to look like hedge transactions since January of this year,” Mitsubishi said in a statement.

While PDS has closed the positions, “we are now examining the total amount of losses,” Mitsubishi said, adding that the issue has been reported to the police and the trader’s contract terminated. Mitsubishi said it could not identify the trader.

The former employee’s desk phone has been disconnected and calls to his cell phone went straight to voicemail.


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