Yasuo Hamanaka

from Wikipedia, the free encyclopedia

Yasuo Hamanaka ( Japanese 浜 中 泰 男 , Hamanaka Yasuo ; * 1950 ) is a former copper dealer for the Sumitomo Corporation in Japan . He was nicknamed "Mr. Copper Finger "and" Mr. Five percent ", as it is said to have dominated 5% of the world copper market for some time. He is married and has a son and a daughter.

His career ended on June 5, 1996 when he had to confess to his superiors that he had amassed $ 1.6 billion in losses. In 1998 he was sentenced to eight years in prison, six of which were served. The process became known as the Sumitomo Affair .

method

Yasuo Hamanaka was the vice director of Sumitomo's copper trading division. Around 1985 the department made a loss and began manipulating the market with fictitious purchases to raise the price. He began to secretly buy up copper at night with borrowed money, and later he is said to have forged the books too. When the matter was exposed, he is said to have had 400,000 tons of copper in the depot. When Sumitomo dealers suddenly threw them on the falling market, they made another $ 800 million loss.

Hamanaka is officially considered a lone perpetrator, but many do not believe this. As early as 1991, the Tokyo Stock Exchange initiated the first investigations against him, which did not lead to any consequences. The bank later sued some of Hamanaka's business partners. The matter never came to trial; a comparison was agreed:

  • In 2002, Chase paid Manhattan (now JP Morgan) $ 125 million
  • Merrill Lynch $ 275 million
  • UBS $ 85 million (April 2006)
  • Crédit-Lyonnais-Rouse (CLR) $ 1.1 billion. (2004)

In 2004, it was announced that the brokers at the CLR had received $ 8.4 million in bonus for trading. Business was under the code MAGM-RADR in June 1993 and formally comprised about 25% of the world market or 2.53 million tons.

See also

Web links

swell

  1. ^ Copper-trading Scandal ( English, French ) In: The Canadian Encyclopedia . Retrieved August 22, 2016.
  2. ^ Merrill-Lynch comparison
  3. ↑ UBS comparison
  4. ↑ CLR comparison
  5. ↑ MAGM-RADR
personal data
SURNAME Hamanaka, Yasuo
ALTERNATIVE NAMES 浜 中 泰 男 (Japanese)
BRIEF DESCRIPTION Japanese copper dealer
DATE OF BIRTH 1950