TOKYO, April 26, 2017 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that, following an extensive internal review, it has agreed to an order from the Ontario Superior Court of Justice to pay a fine amounting to 13,400,000 Canadian dollars, approximately 1.1 billion yen. The payment is for infringement of Canadian Competition Act in connection with certain automotive parts.
Mitsubishi Electric, which takes this matter very seriously, cooperated closely with an investigation that was launched on July 20, 2011.
Mitsubishi Electric is taking necessary steps to ensure that it thoroughly implements compliance measures to recover the public's trust.
Payment of the fine will not change Mitsubishi Electric's consolidated financial forecast for the fiscal year ending March 2017.
Mitsubishi Electric's Automotive Equipment Group established the Automotive Equipment Compliance Office on October 1, 2011 to review internal rules and compliance training for employees. Mitsubishi Electric, consistent with its commitment to earning the public's trust, formed compliance divisions in each business group on October 1, 2012 and subsequently has instituted a variety of measures to further strengthen compliance programs concerning not only competition law but all laws and regulations.
Note that the releases are accurate at the time of publication but may be subject to change without notice.