Nissan and Ghosn settle allegations

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September 25, 2019

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Nissan and Ghosn settle allegations

Source: AP | 00:05 UTC+8 September 25, 2019 |

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Nissan will pay US$15 million and former chairman Carlos Ghosn will pay US$1 million to settle allegations by US regulators that they hid over US$140 million of Ghosn’s retirement benefits from investors.

The Securities and Exchange Commission announced on Monday (US time) the settlement of civil fraud charges with the major Japanese automaker and its former chairman, who also will be barred for 10 years from serving as an officer or director of a public company.

Ghosn, 65, is awaiting trial in Japan on financial misconduct charges in a criminal case.

Ghosn, who led Nissan for two decades and rescued it from the brink of bankruptcy, was arrested by Japanese authorities in Tokyo and jailed four times since November in 2018. He has maintained he is innocent. He is currently out on bail but faces restrictions on his activities, such as not being allowed to contact his wife Carole Ghosn. She has appeared before a Japanese judge to answer questions in the case. The first hearing in the trial has been set for April.

Ghosn and Nissan Motor Co settled the charges without admitting or denying the SEC’s allegations.

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Nissan and Ghosn settle allegations

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