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Mitsubishi Corp. has suffered a loss of more than $90 million in China after uncovering suspected fraud by one of its copper traders, according to people familiar with the matter.
The losses amounted to well over 600 million yuan , they said, declining to be identified as they aren’t authorized to speak publicly. Calls and messages to Gong’s mobile phone did not go through, and an email inquiry to his company address was rejected. Several traders in China, who used to have business connections with Gong, said they also could not reach him. These traders asked to be not named due to the sensitivity of the case.
Some of the people said they believed Gong had left China on business even before his actions were fully uncovered by the company, and then did not return. At least one of Mitsubishi’s counterparties, which helped to reveal the alleged fraud after an internal investigation, has reported the matter to the Chinese police. The Shanghai police did not respond to multiple requests for comment.
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