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Mitsubishi Elect. - Statement re (Comments on KFTC Announcement)

Mon, 5th Aug 2019 09:04

RNS Number : 8817H
Mitsubishi Electric Corporation
05 August 2019




Customer Inquiries

Media Inquiries

Planning & Administration Department

Public Relations Division

Automotive Equipment Group

Mitsubishi Electric Corporation

Mitsubishi Electric Corporation









Mitsubishi Electric Comments on Korea Fair Trade Commission's Announcement Concerning Bidding of Certain Automotive Parts



TOKYO, August 5, 2019 - Mitsubishi Electric Corporation (TOKYO: 6503) commented today on a decision by the Korea Fair Trade Commission (KFTC) that the company has violated antitrust regulations (Monopoly Regulation and Fair Trade Act) in connection with past tenders (from 2004 to 2007) of automotive Alternators and Ignition Coils to certain customers. The KFTC announced that it will order Mitsubishi Electric to take corrective measures and pay a currently estimated surcharge of 8,093,000,000 won (approximately US$ 6,853,000) and file a criminal accusation concerning Alternators tenders.


After receiving the formal notice from the KFTC, Mitsubishi Electric will confirm the contents in details and make a prompt and appropriate response.


Mitsubishi Electric, which takes this matter very seriously, reconfirms its commitment to thorough implementation of compliance measures as part of its efforts to maintain public trust.


Competition Law Countermeasures Regarding Automotive Equipment

Mitsubishi Electric's Automotive Equipment Group established the Automotive Equipment Compliance Office on October 1, 2011 to review internal rules and conduct 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, 2011 and subsequently has instituted a variety of measures to further strengthen compliance programs concerning not only competition law but all laws and regulations.



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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