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Nissan and Ghosn to pay $ 16 million as fine

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Nissan and Ghosn to pay $ 16 million as fine
September 25
13:00 2019

We have written several times about nasty business of Carlos Ghosn. However, it is far from over. Nissan and its former CEO will be required to pay compensation to the U.S. Securities and Exchange Commission in the amount of $ 16 million. Such a sum will be needed to resolve the conflict, the essence of which is to conceal data regarding bonuses paid to Mr. Ghosn.

Nissan will pay $ 15 million, which is most of the amount. Ghosn will pay one million US dollars, former Nissan director Gregory Kelly will give away 100 thousand US dollars.

The SEC explains that the case concerns fake reports, which hid information on Ghosn’s payments to which he is entitle after his resignation. This is a fairly serious amount of $ 140 million.

They also note that Nissan board in 2004 gave Ghosn the right to self-assign payments to managers and directors. At the same time, he could accrue bonuses to himself.

From 2009 to November last year, Ghosn, with the assistance of Kelly and other employees, used a scheme in which they managed to hide from publication bonuses totaling about $ 90 million. In addition, Carlos Ghosn also made sure that his severance pay was $ 50 million more than originally planned.

Kelly and Ghosn deceived the financial director of a Japanese company and published false reporting.

The Commission notes that Ghosn and his subordinates were hiding from investors and company owners the information about remunerations, although they, of course, should get to know about such things.

The deal between the SEC and Ghosn includes not only payment of a fine, but also a ban for Carlos Ghosn to take up leadership positions. Gregory Kelly has received the same ban for 5 years.

Japan has been investigating this case since last November. Nissan former CEO is being charged under various articles.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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