Dépêches

Mitsubishi Electric Comments on Suspension from The National Institute of Information and Communications Technology's Bidding

Dépèche transmise le 3 février 2012 par Business Wire

Mitsubishi Electric Comments on Suspension from The National Institute of Information and Communications Technology's Bidding

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) received notice today from The National Institute of Information and Communications Technology (NICT) that the company has been suspended effective immediately from participating in further bidding for a period of between one and 18 months, until full details of the company's improper charging of expenses to the NICT are revealed and remedial measures are put in place by the company.

“Mitsubishi Electric Comments on Overcharged Expenses to Japan's Ministry of Defense, Cabinet Satellite Intelligence Center and Japan Aerospace Exploration Agency.”

NICT ordered Mitsubishi Electric to investigate matters relating to certain contracts with NICT on January 27, the same day that the company issued the announcement "Mitsubishi Electric Comments on Overcharged Expenses to Japan's Ministry of Defense, Cabinet Satellite Intelligence Center and Japan Aerospace Exploration Agency." Mitsubishi Electric's subsequent internal investigation revealed that it had improperly charged NICT by shifting work records among different projects. After the company notified NICT of these facts today, it received the notice of suspension from NICT biddings.

Mitsubishi Electric will fully cooperate with NICT's investigation of the matter.

About Mitsubishi Electric
With 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
*At an exchange rate of 83 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2011