They Say He Lost $320 Million on Bad Oil Trades. He Says Documents Show Otherwise
- Lawyer says records show Wang couldn’t have manipulated data
- Mitsubishi says Singapore unit lost $320 million in oil trades
Photographer: Haruyoshi Yamaguchi/Bloomberg
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The Chinese oil trader fired by Mitsubishi Corp. for allegedly losing $320 million in unauthorized trading said company documents that detail how the transactions were authorized would show that he is innocent.
The documents would show that Wang Xingchen was not senior enough to be able to confirm the contracts or to make the changes to data that Mitsubishi says disguised the true nature of the trades, according to his lawyer Joseph Chen in Singapore. Wang has asked Mitsubishi, the biggest Japanese trading company, and its unit Petro-Diamond Singapore Pte. to disclose the papers by Oct. 17, Chen said in a statement.