Singapore - A Singapore court on Monday reduced the jail terms of two former managers of the Japanese company Mitsui Oil (Asia) whose crimes cost the firm 81 million US dollars, a media report said.

Noriyuki Yamazaki, 37, had his five-year jail term cut to two years while Takahashi Masatsugu, 52, had his three-year term halved, the online edition of Straits Times newspaper reported.

Both men had appealed their sentences.

The judge gave no reason for his decision, the newspaper reported.

Yamazaki covered huge trading losses at the Singapore-based subsidiary of the Japanese trading house Mitsui and Co by reporting false prices for the petroleum product naphtha to the Tokyo head office.

Takahashi, the former executive vice president, gave handwritten instructions to fake profit and loss figures.

The scam came to light in November 2006 when Mitsui Tokyo discovered the hefty losses in its Singapore unit and conducted an investigation.

In February 2007, Mitsui closed its Singapore subsidiary because of the losses.

Yamazaki's direct boss, Takayoshi Wada, 46, had been sentenced to 20 weeks in jail. (dpa)