The Chinese trader fired by Mitsubishi Corp for allegedly losing US$320 million (S$441 million) in oil trading said he was acting on his managers' orders and there were no unauthorised transactions, according to his lawyer.
The losses at Mitsubishi's unit Petro-Diamond Singapore resulted from the "premature" settlement of the derivative positions by the company, said Mr Joseph Chen, the Singapore-based lawyer for the trader, Mr Wang Xingchen, also known as Mr Jack Wang.
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