For inquiries on this matter, please contact
- Mitsui & Co., Ltd.
Corporate Communications Division
It has previously been announced by Mitsui & Co., Ltd. ("Mitsui") on 21 November 2006 that a trader employed by MOAS was being investigated by authorities for deceptively concealing the physical and futures trading losses of Naphtha, which actions caused significant losses.
Mitsui and MOAS have been fully cooperating with the Singapore Police Force since MOAS filed a police report. Mitsui hereby announces that the Attorney General's Chamber of Singapore (the prosecuting authority) has today commenced the prosecution of two employees of Mitsui who were then employed by MOAS and the former MOAS's employee referred to the above based on allegations of the Falsification of Accounts.
Mitsui takes the prosecution of its employees by the Singapore authorities with the utmost graveness, and will continuously endeavor to enhance further the effectiveness of internal controls over its consolidated group as a whole.
The shareholders of MOAS resolved to dissolve MOAS at its extraordinary shareholders' meeting in the fiscal year of March 2008 and it is under liquidation procedure as scheduled.
Mitsui, again, sincerely apologizes for any concern or inconvenience that this matter has caused to all relevant parties.