19 Apr 2010
(MENAFN) Mitsubishi Motors Corp said in a statement that Masria Co., an Egyptian sales firm, is suing it for $900 million in damages, claiming that Mitsubishi unfairly ended a distribution contract.
Masria said in a suit filed in an Egyptian court that Mitsubishi’s termination notice lacked reasonable grounds and demanded an extension of the contract or damages of $900 million, equivalent to 56 percent of Mitsubishi Motors’ net assets.
Mitsubishi, Japan’s sixth-largest automaker, said it served a termination notice on Masria six months before the contract was due to expire, in accordance with agreed provisions.
Separately, the Japanese automaker slashed its estimate of annual operating profit by 54 percent to $149.7 million citing a drop in vehicle sales and the failure to fully meet its planned cost reductions.
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
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BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
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BBK discloses its financial results for the first quarter ended 31st March 2025
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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