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17 June 1996
News release
Securities and Investment Board, London, on the copper market and Sumitomo Corporation
The Securities and Investments Board in London has sent to us a copy of their press release on recent developments in the copper market. They have also sent a copy of the press release of Sumitomo Corporation, issued on 13 June 1996.
The purpose of the referral is to alert New Zealand to the activities that have been undertaken by the former head of copper trading at Sumitomo, Mr Yasuo Hamanaka. As understood these activities were unauthorised and they have led over a 10 year period to losses by the company of approximately US$1.8 billion.
A copy of the two press releases is attached.
Norman F. Miller
Senior Executive (Compliance)
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