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Mitsubishi Electric pays $810 mn in overcharge penalties
by Staff Writers
Tokyo (AFP) Feb 13, 2013


Mitsubishi Electric said Wednesday it has paid the Japanese government about $810 million after it inflated fees for defence and other contracts, the latest in a wider overcharging scandal.

The company, which makes everything from batteries to nuclear plants, had been barred from bidding on government contracts until it paid the defence ministry some 60.28 billion yen ($645 million) in penalties, interest and reimbursements for jacking up its rates.

The whopping figure follows payments last month worth 15.4 billion yen for overcharging Tokyo on various contracts, including its space programme.

Rival industrial giant Sumitomo Heavy Industries also returned 2.3 billion yen to the defence minstry over its overcharging.

The scandal came to light last year, with Mitsubishi Electric admitting that it routinely inflated charges on some of its government contracts stretching back four decades.

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Italy defence firm chief arrested for India bribes: reports
Rome (AFP) Feb 12, 2013
Italian police on Tuesday arrested the chief executive of aerospace and defence giant Finmeccanica for corruption and embezzlement in relation to alleged bribes given to the Indian government, Italian media reported. Giuseppe Orsi had been under investigation for months and had denied any wrongdoing in the deal for the sale of 12 AgustaWestland helicopters to India in 2010. The magistrat ... read more


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