Mitsubishi Electric Announces Results of Internal Investigation Regarding Overcharged Expenses and Countermeasures

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) today issued a report on the results of its internal investigation and resulting countermeasures regarding the overcharging of expenses by its Electronic Systems Group to Japan’s Ministry of Defense (MOD), the Cabinet Satellite Intelligence Center (CSICE), the Japan Aerospace Exploration Agency (JAXA), the National Institute of Information and Communications Technology (NICT) and the Ministry of Internal Affairs and Communications (MIC).

All Mitsubishi Electric Group executive officers and employees are committed to working together to prevent any recurrence and to restore public trust.

Mitsubishi Electric separately announced today that it expects to record a reserve to refund overcharged expenses for contracts with MOD, CSICE, JAXA and NICT. The company has also revised its financial results forecast for the current fiscal year ending March 2013.

The report on the investigation results and countermeasures can be accessed at the following link: www.MitsubishiElectric.com/news/2012/1221-a.html

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