Mitsubishi Corporation Exits Chinese Metal Trading Amid Copper Fraud Scandal

Reported about 23 hours ago

Mitsubishi Corporation is shutting down its metal trading business in China after incurring over $90 million in losses linked to fraud by a copper trader. The company, which has been trading in China for about 30 years, will cease all domestic transactions while continuing to manage exports to and from China through other units. This decision follows the dismissal of the trader involved and reflects a response to changes in the market environment and compliance challenges.

Source: YAHOO

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