Business

Nissan moving to fire chairman Ghosn for financial misconduct

TOKYO: Nissan Motor said on Monday (Nov 19) it was moving to terminate Carlos Ghosn from his chairman's post after he was accused of "significant acts of misconduct", including underreporting his salary.The Japanese automaker said that based on a whistleblower report, it had been investigating possible improper practices of Ghosn and Representative Director Greg Kelly for several months, and that it was fully cooperating with investigators.
"The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation," Nissan said in a statement."Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed."
It said CEO Hiroto Saikawa would propose to the Nissan board to remove Ghosn and Kelly.The Yomiuri newspaper reported that Ghosn had been arrested by Tokyo prosecutors on suspicion of under-reporting his salary. Earlier, several outlets had reported he was being questioned.The news comes as a shock in Japan where Ghosn, a rare foreign top executive, is well regarded for having turned Nissan around from near bankruptcy. Ghosn is also chairman and chief executive of France's Renault.Ghosn has a high profile in Japan and is known as a major advocate of the country's auto sector. He has not yet commented on the allegations.

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