Reception of a Demand for Filing an Action from Shareholders

Today, the auditors of Chubu Electric Power Co., Inc. received a document in which two individual shareholders demanded the filing an action to hold the directors accountable.

Chubu Electric Power was found to have violated the Article 3 of the Antimonopoly Act that prohibits unreasonable restraint of trade (“this act”) by the Japan Fair Trade Commission. The document calls that 14 current and former Chubu Electric Power directors be held accountable for the damages from this act totaling 37.7 billion yen and associated delinquency charges incurred as a result of the directors’ participation or disregard for this act, and other violations of their duty of care.

Chubu Electric Power’s auditors will discuss their response to this demand for filing an action.
We will swiftly announce their decision on whether to file an action to hold the directors accountable once that decision is made.