Mitsubishi Motors : (Update)Notice of Judgment in Legal Action(142KB)
January 28, 2022 at 02:46 am
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January 28, 2022
Name of company: MITSUBISHI MOTORS CORPORATION
Representative:
Takao Kato,
Representative Executive Officer,
President & CEO
(7211 TSE 1st section)
Contact:
Keiko Sasaki,
General Manager of IR Office
(TEL．03-3456-1111)
(Update) Notice of Judgment in Legal Action
As we announced in the "Notice of Judgment in Legal Action" dated November 19, 2021, we confirmed that a lawsuit brought against us by our former Egyptian distributor was dismissed by the final appellate court on November 15, 2021. We are pleased to announce that we received the official judgement on January 23, 2022. The content of the judgement is not different from the content announced on November 19, 2021. The outline of the lawsuit is as follows.
Venue and Date of the Judgement
Venue: A court in the Arab Republic of Egypt
Date: November 15, 2021
Plaintiff
2.1
Trade Name:
MASRIA Co., Ltd
2.2
Head Office Address:
3A Ramsis St., Maarouf Building, Cairo, Egypt
2.3
Representative:
Sayed Sayed Mohamed El-Rawas, Chairman
Details and Background Leading to the Judgment
The plaintiff, MASRIA Co., Ltd. (hereafter "Plaintiff"), is MMC's former distributor in Egypt. MMC, pursuant to a distributor agreement with the Plaintiff, notified the Plaintiff of its intention not to renew the agreement after its expiration date (i.e. July 20, 2010).
In response, the Plaintiff, alleging that MMC's termination notice lacked reasonable grounds, filed a lawsuit against MMC in a court in the Arab Republic of Egypt on February 20, 2010 claiming (i) an extension of the distributor agreement as a primary claim, and (ii) damages in the amount of USD 900,000,000 as a secondary claim, should its claim to extend the distribution agreement not be granted.
The judgments in all the courts of first instance, second instance and final appellate found in favor of MMC on October 26, 2010, July 3, 2012, and November 15, 2021 respectively, based on the reasoning that the case was not within the Egyptian court's legal jurisdiction.
Future Outlook
As our claims are fully accepted, this judgment will not have a material impact on our operating results.
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Mitsubishi Motors Corporation published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 07:45:02 UTC.
Mitsubishi Motors Corporation is one of the Japanese leaders of automotive construction. Net sales by activity break down as follows:
- sale of vehicles (98.3%): 937,000 vehicles (brands i-MiEV, Pajero Sport and RVR) sold in 2021/22 and broken down by country between Japan (75,000), Asia (331,000), Europe (131,000), North America (156,000) and other (244,000);
- financial services (1.7%): especially vehicle purchase financing services.
At the end of March 2022, the group had 29 production sites in the world.
Net sales break down geographically as follows: Japan (19.3%), Asia (23.7%), Europe (12.6%), North America (19.5%), Oceania (12.5%) and other (12.4%).
MITSUBISHI MOTORS CORPORATION 
