Mitsubishi says Singapore-based oil trader lost $320 mil in unauthorized trades

Damn! $320 Million... the person had been continually hiding the losses since January. The heads of both Risk and Compliance in both Singapore and Japan should be fired. Mitsubishi Corp., also is the majority stakeholder in Lawson's Convenience stores, 32%.

Mitsubishi Corp, Japan's biggest trading house by revenue, says a trader at its Singapore-based unit has lost $320 million through unauthorized transactions

Gladly it can be known immediately unlike Olympus and other scandal. Because it's based outside Japan so no Japan Inc can do cover up for this one. Big name in Japan is quite untouchable so far but only if they stay in Japan not outside.

If he pays it back at $1 million a year, he should have it all paid off in ......

alot of cash but child’s play compared to when Nick Leeson brought down Barings in Singapore in the 90’s (the original Rogue Trader). I actually met Leeson and he was a real likable guy.

Still...$320 million is quite impressive....in its own twisted way. Some corporate Risk Management heads need to roll.

Pls write clearly, this trader is of what nationality ???. I am sure he or she is not Singaporean. Singaporeans knows the laws of Singapaore and this kind of case will never get away .

According to the FT, the rogue trader was "a local hire".

The trader is Chinese was hired to deal with China market. This was reported in local sg news._

Folks it does not matter what Nationality the said Trader was/is. What does matter is that there are serious questions over financial oversight at Mitsubishi.. one has to wonder where else within that Company, financial malpractice is taking place. Furthermore, who are the Auditors in charge ? I think they too may need questioning over why they had not identified the weak spot in reporting that allowed this "Trader" to hide such losses....

This is not good for Japan Stocks as a whole.

Some corporate Risk Management heads need to roll.

HAHAHA, RISK IS THE BANK! That's why they employ the best psychometric testing available to pick people with huge appetite for risks (ie extreme gamblers) to man their trading desk.

Picture one trader and his/her counter party another risky trader. Only one win. BUT, we the outsiders are the ones paying the price, and that's why the system and the risk and compliance people will always have their job.

Why/how we pay? When you buy a car, the cost of currency hedging is in the car. The more volatile, risky the situation, the higher the cost.

When you take out a mortgage.....GFC.

Mitsubishi said it could not identify the trader.

This a serious governance lapse - they don't even know the identity of the trader.

Local hire means what ??? 120% Singaporean ???.

Inside job, that employee is living large right now. If they had it AI may have caught and stopped unauthorized transactions.