Mitsubishi Electric Receives Cease and Desist Order and Surcharge Payment Order from the Japan Fair Trade Commission
Tokyo - Mitsubishi Electric Corporation (TOKYO: 6503) announced today it has received from the Japan Fair Trade Commission a cease and desist order and a surcharge payment order of 1,410,310,000 yen to be paid by February 25, 2013 for infringement of Japanís Antimonopoly Act in relation to investigations made from July 20, 2011 regarding certain automotive equipment.
The cease and desist order asserts that Mitsubishi Electric infringed on Japanís Antimonopoly Act Article 3 (restriction of unreasonable restraint of trade) regarding certain automotive alternators and starters, and Mitsubishi Electric must confirm that the infringing behaviors have since been discontinued. The order also requests the thorough implementation of action guidelines for compliance with the Antimonopoly Act and its notification to other violators and automotive manufacturers, and conduct of regular training programs, audits and other initiatives.
Mitsubishi Electric is taking this matter seriously and will follow the orders. The company will also reconfirm that compliance measures are thoroughly implemented and will put in efforts to recover public trust. The companyís Automotive Equipment Group has established the Automotive Equipment Compliance Office on October 1, 2011, and conducted rechecks of internal rules and compliance training for employees. In order to strengthen and increase effectiveness of compliance with laws and regulations not limited to the Antimonopoly Act, Mitsubishi Electric is currently asking for advice from a special committee that includes external members independent from the company to create company-wide preventive measures. The preventive measures will be applied mainly by the compliance divisions formed within each business group on October 1, 2012, and Mitsubishi Electric will reconfirm that compliance measures are thoroughly implemented and enforced.
Mitsubishi Electricís consolidated financial forecast for the fiscal year ending March 2013 has not been changed in relation to the surcharge payment.
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