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Fired Mitsubishi Trader Denies Making Unauthorized Trades


TOKYO—A former Mitsubishi Corp. trader in Singapore, whom the company said was responsible for $320 million in losses through failed bets on oil derivatives, denied wrongdoing through his lawyer, saying he acted on the orders of managers.

Joseph Chen, a Singapore-based lawyer for former Mitsubishi oil trader Wang Xingchen, said Wednesday the internal financial team at Mitsubishi unit Petro-Diamond Singapore (Pte) Ltd. reviewed Mr. Wang’s trades.

Source: Markets