US fines Nissan and Ghosn millions
Year-long legal saga moves closer to resolutionThe United States Securities and Exchange Commission (SEC) has fined Nissan and its former CEO, Carlos Ghosn, a total of $US16 million for failing to disclose all of Ghosn’s payments.
It’s the latest in a saga that has dragged on for more than a year, since Ghosn was arrested by Japanese police for financial misconduct related to his compensation package, and which has seen the Lebanese/French/Brazilian jailed twice in Tokyo.
Ghosn was personally fined $US1 million, while the company he once ruled as a fiefdom must pay $US15 million in a settlement reached today.
Ghosn, who also ran Renault and orchestrated the French company’s virtual takeover of Nissan nearly 20 years ago, is still awaiting trial in Japan and hasn’t been allowed to even communicate with his wife in more than six months.
The SEC found his subordinates assisted Ghosn to hide more than $US90 million in compensation, with director Greg Kelly structuring the package so the payments did not arrive until after Ghosn’s retirement, ostensibly to avoid public scrutiny.
"We are pleased to have resolved this matter in the US with no findings or admission of wrong-doing," Ghosn's defense team said in a statement.
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