10-Yr Jail Term For Hamanaka Urged

Japanese prosecutors yesterday requested a 10-year prison sentence for Yasuo Hamanaka, once the leading player in the global copper markets, for fraud and forgery in connection with $2.6 billion in trading losses. Hamanaka, the former chief copper trader of Sumitomo Corp, was present at the Tokyo District Court session but given no opportunity to comment. He has already pleaded guilty to the charges against him. Prosecutors said Hamanaka used complex methods of fraud and forgery for more than 10 years to hide huge losses from unauthorised trades, while reaping personal gains for himself and his former boss, Saburo Shimizu. In June 1996, Sumitomo stunned the worlds metal markets by announcing huge copper trading losses, which it blamed on unauthorised deals by Hamanaka. Reuters