Mitsubishi Electric Corporation Statement re (European General Court Rules in GIS) (4018M)
January 20 2016 - 1:07AM
UK Regulatory
TIDMMEL
RNS Number : 4018M
Mitsubishi Electric Corporation
20 January 2016
FOR IMMEDIATE RELEASE No. 2982
Media Inquiries
Public Relations Division
Mitsubishi Electric Corporation
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/
European General Court Rules against Mitsubishi Electric
in Gas Insulated Switchgear Case
TOKYO, January 20, 2016 - Mitsubishi Electric Corporation
(TOKYO: 6503) announced today that the European General Court on
January 19 rejected the company's appeal for a recalculation and
reduction of a fine that had been imposed by the European
Commission in June 2012 in regard to sales of gas insulated
switchgear (GIS).
The judgment, which Mitsubishi Electric is still reviewing,
rejects the company's appeal in September 2012 to revise the
calculation method and reduce the fine of 74,817,000 euros, and a
separate fine of 4,650,000 euros to be borne jointly with Toshiba
Corporation.
The judgment will not affect the company's financial forecast
for the fiscal year ending March 31, 2016.
Mitsubishi Electric regrets that European General Court has
rejected its assertion. Nevertheless, Mitsubishi Electric will
continue to ensure its legal compliance with all relevant laws, as
before.
Background
(a) In January 2007, the European Commission imposed a fine for
alleged infringement of EU competition law regarding GIS sales in
Europe by several manufacturers, including Mitsubishi Electric. The
fine was set at 113,925,000 euros, and another fine of 4,650,000
euros was to be borne jointly with Toshiba Corporation. In April
2007, Mitsubishi Electric appealed to the European General Court to
assert that the European Commission's decision incorrectly
attributed liability to Mitsubishi Electric.
(b) In response to the appeal, the European General Court issued
a ruling in July 2011 that annulled the fine against Mitsubishi
Electric on the basis that the Commission demonstrated unequal
treatment of the different parties involved when setting the fine.
However, the Court upheld the Commission's finding that EU
competition law had been infringed. Mitsubishi Electric filed a
separate appeal against this finding with the Court of Justice of
the EU in September 2011.
(c) Based on the European General Court's ruling, in June 2012,
the European Commission revised part of the fine calculation method
and reissued a fine of 74,817,000 euros, and another fine of
4,650,000 euros to be borne jointly with Toshiba Corporation.
Mitsubishi Electric filed an appeal in September 2012 with the
European General Court to revise the calculation method and reduce
the fine.
(d) In December 2013, the Court of Justice of the EU upheld the
finding reached by the European General Court in July 2011,
rejecting the assertion that the company had not breached EU
competition law with respect to GIS sales.
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This information is provided by RNS
The company news service from the London Stock Exchange
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