REG - Mitsubishi Elect. - Statement re Completion Date of Investigation

Mitsubishi ElectricAnnouncement

22/04/2022 08:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220422:nRSV0331Ja&default-theme=true

RNS Number : 0331J  Mitsubishi Electric Corporation  22 April 2022

 

 

 

 FOR IMMEDIATE RELEASE  No. 3513

                        Media Inquiries
                        Takeyoshi Komatsu
                        Public Relations Division
                        Mitsubishi Electric Corporation
                        Tel: +81-3-3218-2346
                        prd.gnews@nk.MitsubishiElectric.co.jp
                        (mailto:prd.gnews@nk.MitsubishiElectric.co.jp)
                        www.MitsubishiElectric.com/news/

 

Notice Regarding Completion Date of the Investigation into

Improper Quality Control Practices

 

TOKYO, April, 21, 2022 - Mitsubishi Electric Corporation
(https://www.mitsubishielectric.com/)  (TOKYO: 6503) - Mitsubishi Electric
Corporation established the Investigative Committee of external experts
(Chaired by Hiroshi Kimeda, Partner (Attorney-at-law), Nishimura & Asahi,
previously announced on July 2, 2021) to investigate the facts surrounding the
improper quality control practices, elucidate the causes, and formulate
measures for preventing any recurrence. The investigation is currently
underway at all of the company's manufacturing sites and plants (all 22
facilities).

 

The company had previously announced that the Investigative Committee aimed to
complete the investigation of all 22 facilities by April 2022. However, the
company was informed today by the Investigative Committee that the committee
will require more time to complete the investigation. The company was also
informed that the committee expects to complete about 80% or more of the
investigation as of end of April and the company will also expect to receive
an updated report in late May. The results of the investigation on the
remaining facilities will be announced as soon as the reports by the committee
are received by the company.

 

Mitsubishi Electric will continue to fully cooperate with the committee's
ongoing investigation and will make every effort to uncover the full extent of
the improper quality control practices.

 

The Governance Review Committee will separately assess and identify problems
relating to the company's internal control system and governance. The
committee will aim to provide a summary of issues identified and make
recommendations for improvement based on findings by the Investigative
Committee.

 

###

 

About Mitsubishi Electric Corporation

With 100 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. Mitsubishi Electric enriches society
with technology in the spirit of its "Changes for the Better." The company
recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal
year ended March 31, 2021. For more information, please visit
www.MitsubishiElectric.com

*U.S. dollar amounts are translated from yen at the rate of \111=U.S.$1, the
approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  STRBKBBQABKKOQB