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Mitsubishi Stock Drops as Rogue Oil Trader Loses $320 Million USD

 September 20, 2019 - 4:55 PM EDT

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Mitsubishi Stock Drops as Rogue Oil Trader Loses $320 Million USD

Mitsubishi Stock

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 Trades

The 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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Source: StreetSignals
(September 20, 2019 - 4:55 PM EDT)

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