Mitsubishi to shut Singapore oil-trading unit after losses by trader

Mitsubishi to shut Singapore oil-trading unit after losses by trader

Mitsubishi Corp, Japan’s biggest trading group, said on Wednesday it will shut down its Singapore-based crude oil and fuel trading unit following revelations in September that a trader there racked up enormous unauthorised trading losses.

The unit, Petro-Diamond Singapore, will incur losses of about 34.2 billion yen (314 million dollars) before taxes after closing the unofficial trading positions, which may mean the final debt for the unit would be as high as 30.8 billion yen, the company said in a statement.

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Source: Mitsubishi to shut Singapore oil-trading unit after losses by trader


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