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Nissan to halve CEO's pay for overlooking Ghosn's alleged misconduct

Nissan Motor Co. Ltd. on May 31 said it will halve CEO Hiroto Saikawa's pay for the fiscal year ending March 31, 2020.

The move comes following the financial misconduct scandal of the company's former Chairman Carlos Ghosn.

Separately, Japan Today said Saikawa's pay was cut for lapses in supervisory duties and overlooking Ghosn's alleged misconduct.

In December 2018, prosecutors indicted Nissan and Ghosn for making false disclosures in annual filings to Japan's financial services regulator.

On May 29, Suzuki Motor Corp. Chairman Osamu Suzuki said he will forgo 12 months' pay starting July after a string of inspection-cheating scandals, which pushed the carmaker to an ¥80 billion loss in its fiscal fourth quarter.

As of May 30, US$1 was equivalent to 109.73 yen.