Mitsubishi Corp (OTCPK:MSBHF) has revealed a rogue oil trader cost the company $320 million USD, causing Mitsubishi stock to drop over 4%.
Declining Crude Oil Prices Exposed Bad TradesThe Japanese motor manufacturer reported the losses in a statement on Friday, in which the company said the employee had been working for a subsidiary called Petro-Diamond Singapore (PDS) to oversee oil trade with China. In this position, the employee made a series of unauthorized trades in January and manipulated risk management systems in order to make the trades look legitimate. However, crude oil prices began declining ...
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