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Japan regulator recommends ¥2.42B fine for Nissan over Ghosn pay

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Japan regulator recommends ¥2.42B fine for Nissan over Ghosn pay

As expected, Japan's Securities and Exchange Surveillance Commission recommended a fine of ¥2.42 billion for Nissan Motor Co. Ltd. for misreporting former CEO and chairman Carlos Ghosn's pay over several years.

The fine will cover financial statements from fiscal 2014 to fiscal 2017, according to a Dec. 10 announcement.

Ghosn was arrested in 2018 over allegations of financial misconduct, including underreporting his income for years and spending company money for personal expenses.

Nissan said it takes the recommendation seriously and noted that it does not intend to dispute the decision.

"Making false disclosures in annual securities reports greatly harms the integrity of public disclosures in the securities markets. The company expresses its deepest regret to its stakeholders for any trouble caused," Nissan said.

As of Dec. 10, US$1 was equivalent to ¥108.71.