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  HOME | Business & Economy (Click here for more)

Securities Watchdog Files Complaint against Carlos Ghosn, Nissan

TOKYO – Japan’s securities watchdog filed on Thursday a complaint against former Nissan boss Carlos Ghosn as well as the Japanese automaker for underreporting his income.

The complaint filed by the Securities and Exchange Surveillance Commission is in addition to the charges filed by the Japanese prosecution against Ghosn over underreporting of salary and the management of his assets while he headed Nissan.

The Commission accused Ghosn and Nissan of violating the Financial Instruments and Exchange Act by not declaring Ghosn’s entire compensation package between March 2015 and 2018 in the company’s securities reports.

The watchdog also filed a lawsuit against Greg Kelly, another former Nissan executive, who, like Ghosn, is accused of underreporting his salary.

Ghosn has been detained since Nov. 19 and a Tokyo court is expected to make a decision Friday based on charges filed by the prosecution.

He has been accused of not declaring millions in earnings in agreement with Nissan, an amount which he was supposed to receive as a compensation package when he left the company and for dubious third party payments.

The prosecution also accused Ghosn of passing personal investment losses during the 2008 financial crisis to Nissan’s books, although the auto tycoon’s lawyer’s argued they were approved by Nissan’s management and hence did not qualify as breach of trust.

Until now, only a formal indictment weighs against Ghosn for the alleged misstatement of income between 2011 and 2015, although the prosecution might present another formal indictment on Friday or press new charges against him in order to extend his detention.

The Commission had already filed another complaint in December against Ghosn, Kelly and Nissan for underreporting of Ghosn’s salary between March 2011 and 2015.

 

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