Rogue oil trader causes US$320 million loss at Mitsubishi’s Singapore unit

Mitsubishi Corp said a rogue oil trader at its Singapore unit lost US$320 million in unauthorised transactions disguised as legitimate hedges for customers.The employee, a Chinese national working at Petro-Diamond Singapore, has been fired and reported to the 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 unauthorised deals since January, disguising them to “look like hedge…