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Nissan chair Ghosn arrested over misconduct claim

By James Sillars, business reporter
Nissan is on the verge of sacking its chairman Carlos Ghosn after he was arrested amid a series of allegations including that he under-reported his income "over many years".
The Japanese carmaker, which owns the UK's largest car factory, in Sunderland, said its board would vote to remove him at a meeting scheduled for Thursday.
It called in the authorities after allegations raised by a whistleblower also led auditors to uncover alleged use of the business's money for personal purposes.Nissan chief executive Hiroto Saikawa told a late-night news conference that the wrongdoing was serious and had been going on for years.He said: "To have so greatly violated the trust of many, I feel full of disappointment and regret."It's not just disappointment, but a stronger feeling of outrage and, for me, despondency."Mr Ghosn, who is also chief executive and chairman of Renault, was detained in Tokyo.Renault shares hit their lowest level in more than four years on news of the scandal - down almost 15% at one stage.They partially recovered later but were still 8% down at the close in Paris.
Nissan chair Ghosn arrested over misconduct claim

Image:
Carlos Ghosn, seen here on a post-Brexit vote visit to Downing Street, has been credited with turning round the fortunes of both Nissan and Renault
Trading in Nissan shares had already ceased for the day.Nissan said it had been examining Mr Ghosn's reporting of his pay and bonuses for several months and the actions of another director, Greg Kelly who, the company added, was also arrested.Its statement said: "The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation."Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed."Neither Mr Ghosn or Mr Kelly - an American - commented on the allegations before they were taken into custody.
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