Mitsubishi to shut Singapore oil unit where rogue trader lost US$314 million

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Some three years ago, Japanese oil trading firm Petro-Diamond Singapore relocated to a bigger office in swanky Marina Bay, as parent Mitsubishi Corp started combining its Tokyo trade operation with that in the Southeast Asian city state.The once-conservative Petro-Diamond last year became the global book leader for Mitsubishi’s crude oil and fuel trading businesses, tripling its profits and assets from two years ago, according to interviews with company officials, trade sources and reviews of…

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