Ex-GM of Mitsui pleads guilty to helping facilitate the scam

22-Apr-09
Takayoshi Wada, 46, admitted that he has helped his then-colleague at Singapore-based Mitsui Oil (Asia), Noriyuki Yamazaki, report inaccurate prices of naphtha which helped disguise huge losses that Yamazaki, had run up in his trading. Wada, who was general manager of trading and Yamazaki's boss, was accused of conspiring with Yamazaki in making the false entries by not disclosing the matter to Mitsui Tokyo. Takayoshi Wada, whose assistance that eventually cost Mitsui US$81 mln (S$122 mln), has pleaded guilty to helping facilitate the scam. This was despite Wada being fully aware that Yamazaki was providing false data relating to the prices of these naphtha trades to conceal losses from Japan. Wada faces up to seven years' jail and fines of up to $10,000 in sentencing that has been postponed to next month. Yamazaki, who pleaded guilty earlier in the year, is appealing against his five-year jail term.
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