Electric Corporation (TOKYO:6503) announced that its consolidated
subsidiaries and an equity method affiliate each received notice today
from Japan's Ministry of Defense (MOD) that they have been suspended
from participating in further bidding.
Following revelations on January 27 that Mitsubishi Electric had
overcharged the MOD, the Cabinet Satellite Intelligence Center and the
Japan Aerospace Exploration Agency for expenses, Mitsubishi Precision
Co., Ltd., Mitsubishi Electric TOKKI Systems Corporation and Mitsubishi
Space Software Co., Ltd., which are subsidiaries of Mitsubishi Electric,
as well as Taiyo Musen Co., Ltd., an equity method affiliate, found
through internal investigation that they had also overcharged the MOD by
shifting work records among different orders. The four companies
notified the MOD about the overcharges today.
The impact of this matter on Mitsubishi Electric's consolidated business
performance is currently uncertain, but the company intends to disclose
the impact as soon as the situation is better understood.
About Mitsubishi Electric
over 90 years of experience in providing reliable, high-quality products
to both corporate clients and general consumers all over the world,
Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world
leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and building equipment.
The company recorded consolidated group sales of 3,645.3 billion yen
(US$ 43.9 billion*) in the fiscal year ended March 31, 2011. For more
information visit http://www.MitsubishiElectric.com
an exchange rate of 83 yen to the US dollar, the rate given by the Tokyo
Foreign Exchange Market on March 31, 2011
Mitsubishi Electric Corporation
Investor Relations Inquiries:
Corporate Finance Division
Yurika Fujimoto, +81-3-3218-3380