Mitsubishi loses $90M due to fraud by Chinese copper trader; highlights need for stricter oversight.

Mitsubishi Corporation has faced a $90 million loss due to suspected fraud by a copper trader in China. The trader, Gong Huayong, made unauthorized transactions with local companies, some linked to him. Mitsubishi dismissed Gong and filed a criminal complaint, collaborating with authorities. This incident is part of a series of trading scandals affecting major commodity trading firms, highlighting the need for stricter oversight.

4 months ago
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