Reported about 16 hours ago
Mitsubishi Corp has reported a loss exceeding $90 million stemming from suspected fraudulent activities by a copper trader in China. This loss is part of a troubling trend in the commodity trading sector, where individual traders may exploit their positions for personal gain. The company's investigation revealed that the trader, Gong Huayong, engaged in unauthorized trading practices, ultimately leading to his dismissal and a criminal complaint being filed. Although the fallout is significant, Mitsubishi has indicated that it can manage the loss and reaffirmed its profit guidance for the year.
Source: YAHOO