Mitsubishi Motors : Notice of Judgment in Legal Action(67.8KB)
November 18, 2021 at 11:43 pm EST
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November 19, 2021
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)
Notice of Judgment in Legal Action
We are pleased to inform that we have confirmed the plaintiff's claim was dismissed on November 15, 2021 by the final appellate court on a lawsuit previously disclosed in the "Notice of Appeal Concerning the Judgment" dated August 31, 2012.
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 both the courts of first and second instance found in favor of MMC on October 26, 2010, and July 3, 2012, respectively, based on the reasoning that the case was not within the Egyptian court's legal jurisdiction. The plaintiff filed a final appeal on July 21, 2012 against the judgment of the second instance, as disclosed in the "Notice of Appeal Concerning the Judgment" dated August 31, 2012, and a judgment was rendered as provided below.
Outline of the official certificate we confirmed
The court has not yet published the detailed official judgement, but on November 17, 2021, we received an official certificate from the court stating its dismissal of the Plaintiff's challenge.
Future Outlook
As our claims are fully accepted, this judgment will not have a material impact on our operating results.
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Disclaimer
Mitsubishi Motors Corporation published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 04:42:01 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 
