In April 2019 Ethical Consumer viewed the corporate family tree of Mitsubishi Heavy Industries and found that it had a number of subsidiaires located in countries which were considered to be tax havens by Ethical Consumer. These were in the Netherlands, Singapore, Ireland and Hong Kong.
A number of these were holding companies with subsidiaries located countries that were not tax havens. These were considered to be high risk company types for the likely use of tax avoidance strategies.
MITSUBISHI HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. (Singapore)
MITSUBISHI HITACHI POWER SYSTEMS ASIA PACIFIC PTE. LTD. (Singapore)
Mitsubishi Logisnext Europe B.V. (Netherlands)
MHI International Investment B.V. (Netherlands
No country-by-country reporting could be found.
As a result of having two or more high risk company types located in tax havens Mitsubishi Heavy Industries received Ethical Consumer's worst rating for likely use of tax avoidance strategies and lost a whole mark under Anti-Social Finance.