SHOWA SHELL SEKIYU K.K

Laurent L Jacque

Chapter 2 in Global Derivative Debacles:From Theory to Malpractice, 2015, pp 15-27 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Showa Shell Sekiyu K.K. is the 50%-owned Japanese subsidiary of the oil giant Royal Dutch Shell. In early 1993, it announced a staggering foreign exchange loss amounting to ¥125 billion or $1.07 billion (five times the company's pretax profit). In fact, when Showa Shell's President, Takashi Henmi, first informed the Anglo–Dutch parent's executives, they assumed that the decimal point was erroneously transmitted and they kept requesting a correction expecting losses in million rather than billion of dollars.

Keywords: Derivatives; Debacles; Options; Swaps; Futures; Forwards; Financial Engineering; Market Manipulation; Rogue Traders; Speculation; London Whale (search for similar items in EconPapers)
Date: 2015
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