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Mitsubishi Electric Suspended from Ministry of Internal Affairs and Communications Bidding

Dépèche transmise le 2 mars 2012 par Business Wire

Mitsubishi Electric Suspended from Ministry of Internal Affairs and Communications Bidding

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) received notice today from the Ministry of Internal Affairs and Communications (MIC) that the company has been suspended effective immediately from participating in further bidding for a three-month period ending June 1. The notice also requests the company to work carefully to prevent such cases in the future and to report remedial measures it takes in this regard.

Mitsubishi Electric has confirmed through an internal investigation that its Kamakura Works had overcharged MIC for expenses concerning contracts for consigned research and development carried out on behalf of MIC. The company notified MIC about the overcharges today.

Mitsubishi Electric will promptly implement remedial measures and respond accordingly to MIC's instructions.

The impact of this matter on Mitsubishi Electric's business performance is currently uncertain. The company will disclose any impact as soon as the situation is better understood.

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