The trading house said it has fired the Singapore-based employee who entered into secret unauthorized trades and filed a complaint with the police
Japan’s Mitsubishi Corp. said a subsidiary has lost about $320 million on energy derivatives, after a rogue employee in Singapore entered into secret unauthorized trades and then lost money as crude prices fell.
Mitsubishi said on Friday it had quickly closed the positions, which it uncovered in August when the employee was absent from work. It said it fired the employee on Wednesday and filed a complaint with police in Singapore the following day.
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