Japan's markets watchdog is likely to soon recommend that Nissan Motor Co. Ltd. be fined about ¥2.4 billion, or $22 million, for false financial reporting, Reuters reported Dec. 8, citing public broadcaster NHK.
Nissan could receive something smaller than a potential fine of ¥4 billion if the company submitted documents to Japan's Securities and Exchange Surveillance Commission before the start of a formal investigation, Reuters had reported in June. The penalty would cover reporting activities in the four years preceding March 2018, Reuters said. Former Nissan CEO and chairman Carlos Ghosn was arrested in 2018 on charges of improper financial reporting, including hiding his full salary for years and temporarily moving his personal financial losses to company accounts.
The Japanese automaker plans to halt production lines at U.S. factories in Tennessee and Mississippi for two days in January 2020 as the company tries to address weakening sales, Automotive News reported Dec. 5.
As of Dec. 6, US$1 was equivalent to ¥108.71.