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Oct 12, 2009
Jail terms cut for pair <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Selina Lum </td></tr> <tr valign="bottom"> <td width="330">
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Both men had separately appealed to the High Court against their original sentences meted out by different district courts. -- ST PHOTO: WONG KWAI CHOW
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JAPANESE trader Noriyuki Yamazaki, who cost his Singapore-based firm US$81 million (S$113 million) by concealing massive trading losses, had his five-year jail term cut to two years on Monday.
<table valign="top" align="left" width="200"> <tbody><tr><td class="padr8"> <!-- Vodcast --> <!-- Background Story --> <style type="text/css"> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </style> FRAUD EXPOSED IN 2006
THE High Court heard that the two men operated independently of each other - neither knew the other was changing the figures.
Yamazaki's supervisor, Wada Takayoshi, 46, was jailed 20 weeks for his role.
</td></tr> </tbody></table> His former colleague at Mitsui Oil Asia, then-executive vice-president, Takahashi Masatsugu, had his three-year jail term halved to 11/2 years. Both men had separately appealed to the High Court against their original sentences meted out by different district courts.
No reason for reducing the sentence was given by Justice Choo Han Teck when he gave his decision on Monday.
Yamazaki, 37, had faked the prices of naphtha - a petrol-based product - on a spreadsheet. This meant that the calculations of the trades that were sent daily to the head office in Tokyo had not reflected the huge losses he was chalking up.
Takahashi, 52, was not Yamazaki's direct superior, but was in charge of the middle and back offices. He had instructed his staff to alter profit-and-loss figures in the daily reports so that the naphtha loss figure was under-reported.
Oct 12, 2009
Jail terms cut for pair <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Selina Lum </td></tr> <tr valign="bottom"> <td width="330">
</td> <td width="10">
Both men had separately appealed to the High Court against their original sentences meted out by different district courts. -- ST PHOTO: WONG KWAI CHOW
</td></tr> </tbody></table> <!-- START OF : div id="storytext"-->
JAPANESE trader Noriyuki Yamazaki, who cost his Singapore-based firm US$81 million (S$113 million) by concealing massive trading losses, had his five-year jail term cut to two years on Monday.
<table valign="top" align="left" width="200"> <tbody><tr><td class="padr8"> <!-- Vodcast --> <!-- Background Story --> <style type="text/css"> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </style> FRAUD EXPOSED IN 2006
THE High Court heard that the two men operated independently of each other - neither knew the other was changing the figures.
Yamazaki's supervisor, Wada Takayoshi, 46, was jailed 20 weeks for his role.
... more
</td></tr> </tbody></table> His former colleague at Mitsui Oil Asia, then-executive vice-president, Takahashi Masatsugu, had his three-year jail term halved to 11/2 years. Both men had separately appealed to the High Court against their original sentences meted out by different district courts.
No reason for reducing the sentence was given by Justice Choo Han Teck when he gave his decision on Monday.
Yamazaki, 37, had faked the prices of naphtha - a petrol-based product - on a spreadsheet. This meant that the calculations of the trades that were sent daily to the head office in Tokyo had not reflected the huge losses he was chalking up.
Takahashi, 52, was not Yamazaki's direct superior, but was in charge of the middle and back offices. He had instructed his staff to alter profit-and-loss figures in the daily reports so that the naphtha loss figure was under-reported.
