Staff that was earlier employed by Mitsui Oil Asia charged in Singapore

22-Oct-08

Three ex-employees of Mitsui & Co's Singapore oil trading arm have been charged in Singapore. Former naphtha trader for MOA - Noriyuki Yamazaki was charged with falsification of documents. Ex- GM for trading Wada Takayoshi, was charged with abetting Yamazaki in a conspiracy to falsify documents, and Takahashi Masatsugu, the former executive vice president, faces 130 charges of falsifying accounting documents related to naphtha mark-to-market profit and loss figures. Takayoshi and Masatsugu are currently employed by Mitsui & Co. Employed as a senior broker with a Singapore-based oil brokerage firm, Yamazaki was arrested two days after Mitsui & Co reported the matter to Singapore's white-collar police last Feb, and later released on bail. Earlier last year, Mitsui & Co had shut Mitsui Oil Asia (MOA), when it uncovered losses to the tune of US$81 million congregated by the Singapore office in naphtha trading-related losses as of November 17, 2006.