Dec 20 Mitsubishi Electric Corp will
likely have to pay about 50 billion yen ($593 million) in fines
to the Japanese defense ministry for overcharging for defense
equipment, the Nikkei business daily reported.
In January, Japan's Defense Ministry said it has suspended
dealings with Mitsubishi Electric, saying the manufacturer
overcharged for its services.
The combined amount to be paid back by Mitsubishi Electric
and its group companies will likely reach around 60 billion yen,
or half the firm's 120 billion yen estimate for group net profit
in the current year ending in March, the daily said.
The company will also have to pay penalties and refund money
to the Japan Aerospace Exploration Agency (JAXA), which could
take the total fine amount to as much as 70 billion yen, the
($1 = 84.2600 Japanese yen)
(Reporting by Maneesha Tiwari in Bangalore; Editing by