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TransDigm to repay $16 mln for overcharging the Pentagon

May 24 (Reuters) - Aircraft component maker TransDigm Group said on Friday it had agreed to repay $16 million to the Pentagon after it was admonished last week during a hearing on its billing practices.

Executives for TransDigm testified before a Congressional committee after a Pentagon-endorsed investigation found the company made profits exceeding 1,000% on some spare parts and equipment.

"While this is a good first step, we must do even more in the future to prevent unscrupulous contractors from holding us hostage through abusive monopoly contracts," House Oversight Committee Chairman Elijah Cummings said. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Anil D'Silva)