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FOR IMMEDIATE RELEASE No.2663
Mitsubishi Electric Affiliates Suspended from Ministry of Defense Bidding
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Tokyo, February 24, 2012 - Mitsubishi 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.
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.
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