[August 20, 2014] |
|
Mitsubishi Electric to Comply with Surcharge Payment Order from China's National Development and Reform Commission
TOKYO --(Business Wire)--
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 (News - Alert) 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 surchargepayment, there will be no change in
Mitsubishi Electric's consolidated financial forecast for the fiscal
year ending March 2015.
Competition Law Countermeasures Regarding
Automotive Equipment 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
[ Back To TMCnet.com's Homepage ]
|