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Sumitomo Corp

BUSINESS
June 20, 1996 | From Bloomberg Business News
The London Metal Exchange's chief executive admitted Wednesday that there are gaps in the regulatory procedures of the LME market, particularly its ability to scrutinize overseas nonmember firms such as Sumitomo Corp. In an interview, David King refused to say whether the LME will change its rules on internal monitoring of large positions held by LME brokers or their clients, or whether the U.S.
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BUSINESS
June 19, 1996 | From Associated Press
Forklifts prowl stadium-sized warehouses full of 8-foot stacks of copper plates. With their rippled edges, the plates resemble yard-square postage stamps. In Long Beach, on former farm land flanked by freeways, rail lines and stucco tract homes, Metropolitan International Trade Services stores the metal that is central to the scandal that has cost trading giant Sumitomo Corp. at least $1.8 billion. Bundles of plates are matched by numbers to warrants, each representing 25 tons of copper.
BUSINESS
June 19, 1996 | From Times Wire Services
Federal prosecutors in New York joined the ranks of agencies investigating former Sumitomo Corp. copper trader Yasuo Hamanaka. The U.S. attorney's office in Manhattan has subpoenaed a New York metals trading firm that dealt frequently with the powerful trader, a spokesman for the metals broker said Tuesday. The new investigation means that six agencies in the United States, Britain and Japan are investigating Sumitomo in the wake of its stunning announcement last week that it faces about $1.
BUSINESS
June 18, 1996 | From Times Wire Services
Investigators have widened their probe of Sumitomo Corp.'s $1.8-billion loss to encompass all firms the Japanese metals giant dealt with in the copper market, the Commodity Futures Trading Commission said Monday. The investigation intensified amid disclosures that questions about the scandal's central figure were raised more than five years ago by another copper trader, David L. Threlkeld.
BUSINESS
June 17, 1996 | From Reuters
The Japanese copper trader who cost his company the world's biggest loss in a financial market may have made unauthorized deals involving as much as $20 billion a year, the Asahi Shimbun newspaper reported Sunday. As authorities in Japan, Britain and the United States announced further investigations into how such transactions could go unnoticed for 10 years, copper traders were bracing for a hectic week. Unauthorized copper deals made by Sumitomo Corp.
BUSINESS
June 15, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
Copper prices on Friday plunged 10% to their lowest level in two years after the shocking announcement that the world's premier copper trader allegedly lost $1.8 billion for Japan's giant Sumitomo Corp. in a decade of unauthorized dealings. Meanwhile, regulators and analysts began asking how one trader could dominate one market, and the chief regulator of U.S. futures markets criticized Sumitomo's lack of oversight. Authorities here and in Britain put the matter under further review.
BUSINESS
June 15, 1996 | From Times Wire Services
Known as "Mr. Five Percent" and "The Hammer," Yasuo Hamanaka was able to sway world copper markets with his decisions to buy or sell. But none of his coups was as surprising as the announcement that his decisions had also lost his company, Sumitomo Corp., at least $1.8 billion over the last 10 years.
BUSINESS
June 14, 1996 | DAVID HOLLEY, TIMES STAFF WRITER
In another global trading scandal, the huge Japanese trading firm Sumitomo Corp. announced Thursday it has discovered "significant unreported losses"--estimated at $1.8 billion--from 10 years of unauthorized trading by its former head of copper trading. The Sumitomo fiasco appeared to be the biggest case yet in a string of losses by rogue traders, exceeding in size two similar scandals that erupted last year at Japan's Daiwa Bank and Britain's Barings.
BUSINESS
June 14, 1996 | From Associated Press
The roots of Sumitomo Corp., now embroiled in scandal over huge losses by a rogue copper trader, go back to the 17th century, when it was, ironically, a copper producer and refiner. The House of Sumitomo was founded by Masatomo Sumitomo, a warrior-turned-monk who gave up the monastic life to begin a medicine and bookstore business. Once established, he learned a European-perfected copper-refining technique.
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