Settlement Agreement with the African Development Bank Group
Tokyo, December 2, 2015 --- Hitachi, Ltd. (TSE:6501, “Hitachi”) today announced the settlement of an investigation conducted for the past three years by the African Development Bank Group (“AfDB”) into the award in 2007 to Hitachi subsidiaries of a contract to provide boilers for an electrical power infrastructure project in the Republic of South Africa. Hitachi cooperated fully with the investigation and is pleased to have amicably resolved this matter by concluding a settlement with the AfDB on a neither admit nor deny basis, following the one with the SEC.
In conducting its business globally, Hitachi regards compliance as a top priority and will work with the AfDB further to enhance its practices to ensure it meets the high standards of the AfDB’s Integrity Compliance Guidelines.
Hitachi and its subsidiary companies remain committed to ethical business conduct, and continue to stand by their commitment to bring much-needed, reliable electrical power to the people of South Africa.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society’s challenges with our talented team and proven experience in global markets. The company’s consolidated revenues for fiscal 2014 (ended March 31, 2015) totaled 9,761 billion yen ($81.3 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes power & infrastructure systems, information & telecommunication systems, construction machinery, high functional materials & components, automotive systems, healthcare and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.