|By Business Wire||
|August 20, 2014 12:30 AM EDT||
Mitsubishi Electric Corporation (TOKYO:6503) announced today that it has received on August 19 an order from Republic of China’s National Development and Reform Commission (NDRC) for payment of a surcharge amounting to 44.88 million yuan, or approximately 700 million yen. The payment is for infringement of Republic of China’s Antimonopoly Act Article 13, which concerns monopoly agreements regarding prices, in connection with certain automotive parts sold by the company in the past. Mitsubishi Electric has been cooperating with the NDRC investigation, which was launched on May 6, 2014.
Mitsubishi Electric, which takes this matter very seriously, will comply with the order. The company will also reconfirm that compliance measures are thoroughly implemented as part of its efforts to recover public trust.
In relation to the surcharge payment, there will be no change in Mitsubishi Electric's consolidated financial forecast for the fiscal year ending March 2015.
Competition Law Countermeasures Regarding
On October 1, 2011, Mitsubishi Electric’s Automotive Equipment Group established the Automotive Equipment Compliance Office, which reviews internal rules and compliance training for employees. Mitsubishi Electric, consistent with its commitment to recovering public trust, working through the compliance divisions formed in each business group on October 1, 2012, has instituted a variety of measures to strengthen compliance programs concerning not only competition law but all laws and regulations. This effort has been supported by a special committee of advisors, including members independent of the company, regarding compliance issues.
About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality products, 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. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded consolidated group sales of 4,054.3 billion yen (US$ 39.3 billion*) in the fiscal year ended March 31, 2014. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 103 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2014
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