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SINGAPORE – An oil trader at Mitsubishi Corporation’s Singapore subsidiary Petro-Diamond Singapore has been fired and reported to the police after causing a loss of around US$320 million (S$441 million) through unauthorised derivative transactions.
Petro-Diamond Singapore has closed the positions and Mitsubishi is still assessing if the trades will impact its earnings.
The trades were uncovered when the company investigated the employee’s transactions during his absence from work in mid-August, Mitsubishi said in a statement on Friday (Sept 20).
He was fired on Sept 18 and reported to the police the next day.
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