Japan Defense Ministry: Mitsubishi Electric Overcharged by $376 Million

Japan's Defense ministry said Mitsubishi Electric Corp (6503.T), the country's second largest military contractor, had overcharged it by 31.7 billion yen ($375.6 million) for equipment and services over 11 years.

The ministry halted all business with the company in January after the firm admitted to inflating bills related to Defense projects such as surface-to-air missiles ordered in 2009 as well as agencies involved in the space program, such as the Japan Aerospace Exploration Agency (JAXA).

The ministry on Friday said it would remove the suspension once the overcharged amount was refunded.