Mitsubishi Corporation Loses Over $90 Million (13.8 Billion Yen) in Suspected China Copper Fraud Involving Trader

Mitsubishi Corporation has reported a loss exceeding $90 million due to suspected fraud involving a copper trader in China. The company disclosed that irregularities were uncovered by its local subsidiary, leading to payment defaults from trading partners. This incident highlights ongoing concerns regarding transparency and fraud within the commodity trading sector, particularly in China. The financial impact of this situation has been confirmed by multiple sources, including Bloomberg and Nikkei, which noted the loss amounts to approximately 13.8 billion yen.