Nissan faces $22 million fine for misreporting Ghosn pay


PTI, Dec 10, 2019, 5:15 PM IST

Tokyo: Nissan should be fined $22 million for filing documents that under-reported the compensation of former chief Carlos Ghosn, Japanese regulators recommended Tuesday, with troubled the firm saying it would not dispute the penalty.

The Securities and Exchange Commission (SESC) made the recommendation as Ghosn, who was arrested in November last year, awaits trial in Tokyo on four charges of financial misconduct.

Among the allegations against him claim that he under-reported his compensation from 2010 to 2018, deferring some of his pay and failing to declare it to shareholders.

Ghosn denies all the charges against him and has argued there was no final agreement on any deferred payments.

Nissan also faces charges over the alleged under-reporting of Ghosn’s income. In a statement issued Tuesday, the SESC said it had “examined the false descriptions in securities reports and other documents at Nissan Motors and as a result, a legislative violation was recognized”.

“Therefore we advise the prime minister and the Financial Services Agency chief to issue an order that fines be paid,” the body said.

The fine of 2.4 billion yen covers under-reporting between financial years 2014 and 2017, the commission said.

In a statement, Nissan said it took the recommendation “extremely seriously” and would “consider its response” after receiving a formal notice from the Financial Services Agency.

“In the absence of any special circumstances or other reasons, the company intends not to dispute the alleged facts and the amount of the administrative monetary penalty,” Nissan said.

The automaker has struggled to right itself after the shock arrest of Ghosn last year, recently replacing its CEO and slashing full-year forecasts for both sales and profits.

No date has yet been set for Ghosn’s trial, though reports suggest proceedings could begin in April on the charges of under-reporting his compensation and using company funds for personal expenses.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Former BCCI acting secretary Amitabh Chaudhary no more

Governor Gehlot to attend inauguration of Udupi’s silver jubilee celebration

Indian defence attaché now has unescorted access to Pentagon, says US Air Force Secretary

PM Modi extends greetings on Parsi New Year

Shivamogga: Two-wheelers banned during night hours, except for emergency: ADGP Alok Kumar

India logs 8,813 Covid infections in a day; active cases decline to 1,11,252

India banned by FIFA, stripped of U17 women’s World Cup hosting rights


Related Articles More

Greaves Cotton exploring export opportunities for electric 2-wheelers

Tata Elxsi brings new age solutions for driverless cars, connected vehicles and more: CMO Nitin Pai

Passenger vehicle dispatches increase by 11% in July

Mahindra & Mahindra unveils new Bolero MaXX Pik-Up at Rs 7.68 lakh

Skoda reopens bookings for Kodiaq; deliveries in Jan-Mar next yr

MUST WATCH

Independenceday function

Congress Freedom March

NEWS BULLETIN 15-08-2022

144 Section at Shivamogga

The national flag flying on the highest bridge in the world


Latest Additions

Former BCCI acting secretary Amitabh Chaudhary no more

4 killed as truck carrying iron bars rams into house in UP’s Mainpuri

Governor Gehlot to attend inauguration of Udupi’s silver jubilee celebration

Indian defence attaché now has unescorted access to Pentagon, says US Air Force Secretary

PM Modi extends greetings on Parsi New Year

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.