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Home / Business / A rogue trader lost $ 320 million through false oil betting, causing Mitsubishi to fire the person and alert the police

A rogue trader lost $ 320 million through false oil betting, causing Mitsubishi to fire the person and alert the police



  Stock Trader sad Gettyimages / Sarote Pruksachat

  • A rogue employee of a Mitsubishi Corporation unit used unauthorized trades to bet on oil markets.
  • Petro-Diamond Singapore, a Mitsubishi Corporation, "expects to lose around $ 320 million from trading in petroleum derivatives."
  • The company discovered the stores in August and this week dismissed the employee and alerted him to police in a complaint.
  • Watch the oil trade live.

A fraudulent employee of a Mitsubishi Corporation unit used unauthorized businesses to gamble on oil markets and veiled them to look like "hedges" with customers.

Petro-Diamond Singapore, a Mitsubishi Corporation company, had expanded positions since January, Mitsubish said Friday, confirming that it expects to lose around $ 320 million from trading in oil derivatives.

The price of crude oil, which has been falling since July, has led to "huge losses." The company discovered the business in August and dismissed the employee and filed a police complaint this week.

Read more: Oil posted a 20% record in sudden attack on Saudi oil reserves

Oil has been in the headlines lately ̵

1; a shock record of 20% in oil prices on Monday was triggered by fears over supply Attack on Saudi oil fields last weekend.

The sudden move to Brent crude surprised the dealers. The price of Brent crude oil has calmed down since Saudi officials tried to ease supply concerns, and Brent is currently hovering about 7% higher for the week.

  brent raw Markets Insider


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