Nis­san faces $22mn fine for un­der­re­port­ing Ghosn’s pay

Muscat Daily - - BUSINESS -

Tokyo, Ja­pan - Nis­san Mo­tor Co is set to be fined US$22mn for un­der­re­port­ing for­mer chair­man Car­los Ghosn’s com­pen­sa­tion, Ja­pan’s se­cu­ri­ties reg­u­la­tors said.

The Se­cu­ri­ties and Ex­change Sur­veil­lance Com­mis­sion made the rec­om­men­da­tion just over one year af­ter Ghosn’s ar­rest, which shocked the auto in­dus­try and trig­gered tur­moil at the Ja­panese au­tomaker and its al­liance part­ner, Re­nault SA.

Ghosn, who has de­nied charges of un­der­re­port­ing in­come and di­vert­ing com­pany money for his own use, is free on bail as he pre­pares for a trial set to start next year. Nis­san is strug­gling to chart a path to growth af­ter an­nounc­ing a plunge in prof­itabil­ity to decade lows and 12,500 job cuts, and re­plac­ing top man­age­ment.

In Septem­ber, the Se­cu­ri­ties and Ex­change Com­mis­sion set­tled with Nis­san and Ghosn over claims that they failed to dis­close more than US$140mn in pay. Nis­san will pay the US reg­u­la­tor US$15mn while Ghosn was hit with a US$1mn penalty as part of the set­tle­ment. The Ja­panese watch­dog claimed Nis­san vi­o­lated the coun­try’s fi­nan­cial in­stru­ments law by un­der­re­port­ing re­mu­ner­a­tion through March 2018. Nis­san had asked for the fine to be re­duced from an ini­tial 4bn yen, the Asahi and other news­pa­pers re­ported.

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