September 20, 2019 / 6:24 AM / a month ago

Japan's Mitsubishi says Singapore unit loses $320 mln on crude oil trading

TOKYO, Sept 20 (Reuters) - Mitsubishi Corp, one of Japan’s biggest trading houses, said on Friday a Singapore-based unit has made a loss of $320 million from unauthorized trading of crude oil derivatives.

An employee of Petro-Diamond Singapore (PDS) who handles 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. (Reporting by Aaron Sheldrick Editing by Shri Navaratnam)

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