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    Mitsubishi Electric To Record Reserve For Refund Payments Resulting From Overcharged Expenses On Certain Contracts With Four Public Entities

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    AbhinavHarshal
    Mitsubishi Electric will record a reserve of up to 77.3 billion yen as a non-operating expense for refunds and penalties resulting from overcharging expenses on certain contracts with four public entities in Japan. An investigation found Mitsubishi Electric improperly shifted work records among different orders with the Ministry of Defense, Cabinet Satellite Intelligence Center, Japan Aerospace Exploration Agency, and National Institute of Information and Communications Technology. The amount may change depending on further investigations with the involved parties.

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    Mitsubishi Electric To Record Reserve For Refund Payments Resulting From Overcharged Expenses On Certain Contracts With Four Public Entities

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    AbhinavHarshal
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    Mitsubishi Electric will record a reserve of up to 77.3 billion yen as a non-operating expense for refunds and penalties resulting from overcharging expenses on certain contracts with four public entities in Japan. An investigation found Mitsubishi Electric improperly shifted work records among different orders with the Ministry of Defense, Cabinet Satellite Intelligence Center, Japan Aerospace Exploration Agency, and National Institute of Information and Communications Technology. The amount may change depending on further investigations with the involved parties.

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    Mitsubishi Electric will record a reserve of up to 77.3 billion yen as a non-operating expense for refunds and penalties resulting from overcharging expenses on certain contracts with four public entities in Japan. An investigation found Mitsubishi Electric improperly shifted work records among different orders with the Ministry of Defense, Cabinet Satellite Intelligence Center, Japan Aerospace Exploration Agency, and National Institute of Information and Communications Technology. The amount may change depending on further investigations with the involved parties.

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    Download as pdf or txt
    21 views1 page

    Mitsubishi Electric To Record Reserve For Refund Payments Resulting From Overcharged Expenses On Certain Contracts With Four Public Entities

    Uploaded by

    AbhinavHarshal
    Mitsubishi Electric will record a reserve of up to 77.3 billion yen as a non-operating expense for refunds and penalties resulting from overcharging expenses on certain contracts with four public entities in Japan. An investigation found Mitsubishi Electric improperly shifted work records among different orders with the Ministry of Defense, Cabinet Satellite Intelligence Center, Japan Aerospace Exploration Agency, and National Institute of Information and Communications Technology. The amount may change depending on further investigations with the involved parties.

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    of 1

    FOR IMMEDIATE RELEASE No.

    2716

    Investor Relations Inquiries: Media Contact:


    Investor Relations Group Public Relations Division
    Corporate Finance Division Mitsubishi Electric Corporation
    Mitsubishi Electric Corporation Tel: +81-3-3218-3380
    Tel: +81-3-3218-2391 [email protected]
    [email protected] http://www.MitsubishiElectric.com/news/

    Mitsubishi Electric to Record Reserve for Refund Payments Resulting from


    Overcharged Expenses on Certain Contracts with Four Public Entities

    Tokyo, December 21, 2012 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today that in its
    consolidated financial results for the third quarter of the current fiscal year ending March 31, 2013, it expects
    to record a reserve that could amount to 77.3 billion yen (65.5 billion yen of which attributable to Mitsubishi
    Electric Corporation) as a non-operating expense, for refund of overcharged expenses, related penalties and
    interest on certain contracts in its electronics systems business. The precise amount of the reserve may
    change depending on further investigations to be conducted in cooperation with the involved parties.

    In contracts with the Ministry of Defense (MOD), the Cabinet Satellite Intelligence Center, the Japan
    Aerospace Exploration Agency and the National Institute of Information and Communications Technology,
    Mitsubishi Electric overcharged expenses by shifting work records among different orders. Similar practices
    have been identified in relation to separate contracts between four affiliate companies and MOD.

    In view of these developments, the company announced separately today its revised consolidated financial
    results forecast for the current fiscal year ending March 2013.

    ###

    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 3,639.4 billion yen
    (US$ 44.4 billion*) in the fiscal year ended March 31, 2012. For more information visit
    http://www.MitsubishiElectric.com
    *At an exchange rate of 82 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on
    March 31, 2012

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