The saga began more than two years ago when Mitsui Oil Asia's (MOA) then trader Noriyuki Yamazaki was investigated and subsequently arrested for allegedly concealing US$81 million (S$119 million) losses at MOA.

MOA, a subsidiary of Mitsui & Co, Japan's second largest trading company, has since closed.

Mitsui conducted its own in-house investigations after discovering the losses at its Singapore subsidiary in November 2006, and subsequently reported the outcome to the Singapore police in February last year.

Yamazaki, 37, who is now working elsewhere, is accused of making false entries in the company's accounts 109 times between April 4 and Oct 31, 2006.

His boss, Wada Takayoshi, 46, is said to have abetted him in a conspiracy to falsify the accounts on 17 occasions in October 2006.

A third man, MOA's executive vice president Takahashi Masatsugu, 51, faced 130 charges of giving instructions to alter profit and loss figures in the daily reports to be sent to the parent company between April 4 and Nov 1 in 2006.

All three were represented by lawyers and their passports impounded.

Bail of $250,000 each was set for Yamazaki and Takayoshi while Wada's was $50,000.

If convicted, each of them faces a jail term of up to seven years and a fine on each charge.

They will be back in court for a pre-trial conference on Nov 18.