Carlos Ghosn Allegedly Arrested For Under-Reporting Income

Carlos Ghosn Allegedly Arrested For Under-Reporting Income

Carlos Ghosn Allegedly Arrested For Under-Reporting Income

The firm said it has also uncovered evidence of other "significant acts of misconduct" by Ghosn.

Ghosn helped put Nissan on the right track in the late 1990s after the company neared bankruptcy.

Nissan's board of directors was treading a delicate balance between the apparent Ghosn faction of four members - including Ghosn himself - and five Japanese members. Ghosn is also CEO and chairman of Renault, and he is chairman of Mitsubishi.

It was a stunning development that left employees "bewildered" and fellow executives shocked and will pose a daunting test for the Nissan-Renault-Mitsubishi alliance, one of the world's biggest automakers.

In the five-year period, the prosecutors believe Ghosn actually received a total of almost 10 billion yen in compensation but Nissan's annual securities reports show that his remuneration amounted to about 4.98 billion yen.

The Yokohama-based company said the alleged violations involving millions of dollars by Ghosn, 64, and another executive were discovered during a months' long investigation that was instigated by a whistleblower.

Ghosn had been criticized for his salary of about $9 million ー exorbitant by Japanese standards.

Among the best paid executives in both Japan and France for several years, Ghosn's compensation has regularly drawn criticism.

Nissan's chief executive officer, Hiroto Saikawa, confirmed that Ghosn was arrested on Monday.

Nissan Motor Chairman Carlos Ghosn has been arrested by Tokyo authorities, the carmaker said Monday, and is expected to be fired by the company at a Thursday board meeting.

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Representative director Greg Kelly has also been subject to the investigation. He said in September that he will continue to pare back his roles at the three individual companies, while continuing to head their alliance.

Under Japanese law, Ghosn can be held for up to 23 days before being charged.

The third pillar of the Alliance is Renault, which owns 43% of Nissan.

Neither Mr Ghosn or Mr Kelly have made any public comment on the reports.

Japanese media reports suggest that Ghosn has been arrested in Tokyo in relation to the allegations, while Nissan has issued an official apology for the "great concern" that the situation has caused to its shareholders and stakeholders.

Broadcaster NHK and the Yomiuri newspaper reported that Ghosn was arrested by Tokyo prosecutors, while the Asahi newspaper reported that prosecutors began searching offices at Nissan's headquarters and other locations on Monday evening. Nissan's German-listed securities plunged 12 percent.

Known as "Le Cost Killer", Ghosn is credited with reviving Nissan and has remained popular despite the massive job cuts that he brought and recent controversy over his lucrative pay package.

But he went on to add that the French state, as a Renault shareholder, "will be extremely vigilant to the stability of the alliance and the group". He was responsible for a dramatic turnaround at Nissan in the early 2000s when the vehicle firm was on the verge of bankruptcy.

Stock prices for Nissan's partner Renault fell by as much as 13% on the news that Ghosn was to be ousted.

He served as Nissan chief executive from 2001 until April 2017, and also was named chief executive of Renault in 2005, leading the two major automakers at once. Mitsubishi and Renault have also not commented, neither has Ghosn's side.

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