“Rogue Oil” Trader Causes $320 Million Loss in OIL at Mitsubishi Corp. Unit

(Bloomberg) — Mitsubishi Corp. said a rogue oil trader at its Singapore unit lost $320 million in unauthorized transactions disguised as legitimate hedges for customers. The employee, a Chinese national working at Petro-Diamond Singapore Pte, has been fired and reported to police, Mitsubishi said in a statement, declining to name him. The trader, hired in November 2018 to handle oil business with China, “repeatedly” engaged in the unauthorized deals since January, disguising them to “look like hedge transactions,” the parent company said. A person familiar with the matter identified the trader as Wang Xingchen, also known as Jack Wang. Calls to Wang’s mobile phone wouldn’t connect, while a person who answered the phone at Petro-Diamond’s Singapore office said he has left the company. No other current contact details were available. A loss of $320 million would be less than one-tenth of Mitsubishi’s projected profit for the year. In August, the giant trading house, the biggest of Japan’s so-called sogo shosha, forecast full year net income of 600 billion yen ($5.6 billion). In the latest scandal to befall the industry, Mitsubishi said the employee manipulated data in Petro-Diamond’s risk management system so that the transactions appeared to be associated with actual trades with customers.“Large losses from derivatives trading” were incurred since July as the price of oil dropped, and the unit began an investigation into the transactions in the middle of August when the employee was absent from work, Mitsubishi said.  Petro-Diamond quickly closed the derivatives positions once it realized they could result in losses for the company and also determined that they weren’t associated with any transactions with customers. Mitsubishi said investigations confirmed that its unit had “sufficient internal controls in place.” The trader was fired Sept. 18 and reported to police the next day. The Singapore Police Force confirmed that a report has been lodged, while declining to give any other information. Nick Bit: Oh shit NOT Mr Rogue again…… hesssss  back. Hell whats a little one third of a trillion dollars LOSS  among friends…. I keep telling you we Take money from  the biggest ASSHOLE AND IDIOT  banks in the world. AND THEY DON’T LIKE IT MERRY CHRISTMAS HO HO HO HO