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Mitsubishi plans to shutter its Chinese metal trading business after suspected fraud by one of its copper traders led to a loss of more than $90 million. https://t.co/9WHIGA13j1
Mitsubishi Corporation has announced its decision to cease operations in its Chinese metal trading business following a suspected fraud incident involving one of its copper traders. This decision comes after the company reported a loss exceeding 13.8 billion yen ($87.5 million). The fraud allegations have prompted Mitsubishi to halt all domestic metal trading activities in China, as confirmed by a company spokesperson. The incident underscores the risks associated with international trading and the need for stringent oversight in such operations.