Mitsubishi fined 134 mln usd by U.S. court for establishing price cartel

TOKYO (AFX-ASIA) - Mitsubishi Corp has confirmed that a U.S. court has ordered it to pay a 134 mln usd fine for establishing a price cartel in the graphite electrodes trade.

	    The verdict was based on an agreement in April between Mitsubishi and the U.S. Justice Department, which indicted the firm, Mitsubishi said in a statement.

	    "Following the agreement, the company will not appeal on this case," it said.

	    The Justice Department had originally charged the firm on January 19, 2000 for assisting in cartel activities carried out by electrodes makers between July 1992 and June 1997, it said.

	    "The company has not changed its belief that it is innocent," Mitsubishi said, adding it "had decided to discard the right to appeal due to the agreement with the Justice Department".

	    The company said, however, it "did not admit guilt". 

	    "There will not be any further change to the business forecast as the effect of this case was included in the fiscal year ending March this year, which was revised on April 27," it added.

	    Mitsubishi is due to announce its earnings for the fiscal year to March 2001 next Thursday.

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