• Fri
  • Apr 18, 2014
  • Updated: 9:01pm

Yasuo Hamanaka

Post-Hamanaka copper market strong as ever

One year after rogue trader Yasuo Hamanaka lost the giant Sumitomo Corp US$2.6 billion in unauthorised copper trades, the market looks as robust as ever.

Monday, 16 June, 1997, 12:00am

Call time on scapegoats

JAPAN'S corporate culture leaves much to be desired. One particularly ingrained and outdated unwritten rule is requiring the resignation of the top dog to take responsibility for the scandalous actions of his underlings.

16 Mar 1997 - 12:00am

Sumitomo asks Goldman to unwind copper nightmare

United States investment bank Goldman Sachs is understood to have been hired by loss-hit Japanese trading house Sumitomo to help it unwind substantial copper positions run up by disgraced head trader Yasuo Hamanaka.

15 Oct 1996 - 12:00am

Losses soar

SUMITOMO Corp of Japan said losses from its massive copper-trading scandal had soared to US$2.6 billion from the $1.8 billion originally estimated. The firm first revealed in June that it had suffered huge losses from unauthorised copper trades, blaming the long-time head of its copper trading division, Yasuo Hamanaka, who it fired.

22 Sep 1996 - 12:00am

Very briefly . . .

Britain's Securities and Investments Board (SIB) will release a paper today with recommendations for changes on the London Metal Exchange (LME) which suffered a price crash following the Sumitomo scandal. Japan's Sumitomo Corp announced a US$1.8 billion loss on June 13, blaming its chief trader Yasuo Hamanaka for unauthorised copper trades.

15 Aug 1996 - 12:00am

WEEK IN QUOTES

'Why should I have to have my money in Hong Kong dollars?' - HSBC Provident Fund Services chief executive Greg Willis as the Hong Kong Monetary Authority and the fund management industry moved closer to agreement on currency restrictions for the Mandatory Provident Fund that would set a proportion of the fund to be held in Hong Kong dollars.

7 Jul 1996 - 12:00am

Copper scam sparks probe of London metal market

Britain's leading financial regulator, the Securities and Investment Board, yesterday launched an unprecedented investigation of the London Metal Exchange in the wake of the Sumitomo scandal.

Sumitomo, the giant Japanese trading house, said last week it had run up losses of US$1.8 billion (HK$14 billion) from unauthorised copper trading by its head dealer Yasuo Hamanaka.

20 Jun 1996 - 12:00am

The week in quotes

'I used to highly evaluate him. I met him about five years ago and we talked. There is no need to express how I feel about him now.' - Sumitomo Corporation president Tomiichi Akiyama on former copper trader Yasuo Hamanaka, who lost US$1.8 billion.

16 Jun 1996 - 12:00am

Regulators fail allotted task

JUST as Japan Inc was recovering its composure from the aftershocks of the Daiwa affair, another and potentially more damaging trading scandal has emerged to rock confidence in the country's regulatory process.

16 Jun 1996 - 12:00am

Nikkei ignores losses

Stocks in Japan rose yesterday, despite the troubles faced by Sumitomo Corp, one of the country's largest trading houses.

The benchmark Nikkei-225 climbed to a 53-month high, led by banking and electronics shares, on growing hope that low interest rates and a weak yen would boost corporate profits and keep Japan's economic recovery alive.

15 Jun 1996 - 12:00am