OREANDA-NEWS. March 02, 2012. Mitsubishi Electric Corporation (TOKYO: 6503) received notice today from the Ministry of Internal Affairs and Communications (MIC) that the company has been suspended effective immediately from participating in further bidding for a three-month period ending June 1. The notice also requests the company to work carefully to prevent such cases in the future and to report remedial measures it takes in this regard.

 Mitsubishi Electric has confirmed through an internal investigation that its Kamakura Works had overcharged MIC for expenses concerning contracts for consigned research and development carried out on behalf of MIC. The company notified MIC about the overcharges today.

 Mitsubishi Electric will promptly implement remedial measures and respond accordingly to MIC's instructions.

 The impact of this matter on Mitsubishi Electric's business performance is currently uncertain. The company will disclose any impact as soon as the situation is better understood.