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TOKYO, Jan 25 (Reuters) - Japanese precision equipment maker Shimadzu Corp said on Friday that it was suspended from participating in contracts with the country's Ministry of Defence after admitting it had overcharged the government for its services.
The suspension will remain in effect until the overcharged funds are refunded and preventive measures are put in place, Shimadzu said in a statement.
In a similar incident, Mitsubishi Electric Corp pledged in December to refund almost $1 billion after overcharging several government agencies, including the Ministry of Defence, for over a decade. (Reporting by Shinichi Saoshiro; Editing by Chris Gallagher)