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Plans to Liquidate Petro-Diamond Singapore (Pte) Ltd.

Source: www.gulfoilandgas.com 11/6/2019, Location: Asia

Mitsubishi Corporation (MC) has decided to plan to liquidate one of its subsidiaries based in Singapore, Petro-Diamond Singapore (Pte) Ltd. (PDS).

1. Decision to Liquidate
As previously reported on September 20, an employee who was hired locally by PDS engaged in a series of unauthorized crude-oil derivatives transactions over an extended period. PDS has confirmed that after closing the positions concerned, it will realize a loss of approximately 34.2 billion yen before taxes, which could put the subsidiary’s final debt as high as 30.8 billion yen.

MC shall liquidate PDS once the subsidiary has completed its contracted trade of crude oil and petroleum products and its credits and debts have been settled. The detailed schedule of the liquidation shall be determined based on required processes and considerations.

2. Related Operations at PDS and MC
In consultation with all concerned parties, PDS shall fulfill its remaining contractual obligations for the trade of crude oil, naphtha and petroleum products. Meanwhile, MC shall continue its overseas crude oil / naphtha / petroleum products operations once it has reconfirmed that its risk management systems are both sound and thoroughly enforced, taking all possible measures to prevent similar incidents from occurring in the future.

3. Impact on MC’s FY2019 Forecast
An estimation of how this loss will impact MC is included in its revised consolidated forecast for the year ending March 2020, which was announced today.

4. Future Prevention
MC and other parties have continued to investigate this incident since the initial announcement was made on September 20. Thus far, we have not confirmed anything that contradicts the information previously reported.

All MC subsidiaries and other MC Group entities engaged in derivatives transactions are expected to tighten their risk management and are committed to preventing any recurrences of this incident. MC is cooperating fully with the authorities investigating this matter and shall continue to do so throughout and following the liquidation process.

Petro-Diamond Singapore (Pte) Ltd. (PDS)
Address :1 Temasek Avenue #17-01 Millenia Tower, Singapore 039192
Representative :Hideyuki Yamagata
Establishment :May, 1989
Capital :2 million Singapore dollars
Shareholder :Mitsubishi Corporation (100%)
Business Profile :Trading of crude oil / petroleum products based on Singapore

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