The unit has closed the positions and determined how much was lost in the underlying derivatives but is still examining the total losses, it said.
SINGAPORE (Sept 20): Mitsubishi Corp unit Petro-Diamond Singapore expects to book a loss of about US$320 million ($440 million) from unauthorised oil trades, the parent company said in a statement.
An employee hired locally by Petro-Diamond to handle its oil trading with China repeatedly engaged in “unauthorised derivatives transactions” and disguised “them to look like hedge transactions” since January, Mitsubishi said in the statement.
