Fired oil trader denies making hidden bets

He claims he acted on his managers' orders at Mitsubishi's S'pore unit

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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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A version of this article appeared in the print edition of The Straits Times on September 26, 2019, with the headline Fired oil trader denies making hidden bets. Subscribe