The derivatives bets were unauthorized and disguised to look like customer trades, says Mitsubishi, which fired the employee this week.
A rogue employee at a unit of Mitsubishi Corporation used unauthorized trades to bet on oil markets. Petro-Diamond Singapore, a Mitsubishi Corporation unit,"expects to book a loss of approximately $320 million from its trade of crude oil derivatives." The company discovered the trades in August and this week fired the employee and alerted police in a complaint. Watch oil trade live.
A rogue employee at a unit of Mitsubishi Corporation used unauthorized trades to bet on oil markets. Petro-Diamond Singapore, a Mitsubishi Corporation unit,"expects to book a loss of approximately $320 million from its trade of crude oil derivatives." The company discovered the trades in August and this week fired the employee and alerted police in a complaint. Watch oil trade live.
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