Mitsui & Co. has lost an estimated US$81 million as of Nov. 17, from its Singapore unit's naphtha-related trading- Mitsui Oil (Asia) Pte. This adversity has been caused by a trader at Mitsui's Singapore unit who covered up losses in physical and futures naphtha trading by falsifying the value of the positions.
The Japanese trading house is still investigating the matter and the company has not decided whether to close the Singapore unit or keep it open. Mitsui will keep its net profit outlook for this fiscal year ending in March at the Y300 billion it stated in October because the naphtha trading losses are relatively small compared with its overall outlook.
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22-Nov-06 
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