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Economics, News

Ghosn charged with falsifying reports

Ghosn and an associated remain in jail on charges of tax avoidance and falsifying reports.


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Updated: December 11, 2018

Carlos Ghosn, former chairman of Nissan Motor Co., his aide Greg Kelly, former representative director of Nissan, and the automaker itself were charged on Monday with falsifying the firm’s securities reports.

Also on Monday, Ghosn, 64, and Kelly, 62, were rearrested by the special investigation squad of the Tokyo District Public Prosecutors Office on suspicion of underreporting more of Ghosn’s income.

Ghosn and Kelly were initially arrested on Nov. 19 on suspicion of violating the law by allegedly conspiring to underreport Ghosn’s executive remuneration in the company’s securities reports by a total of about ¥5 billion from the business year ending March 2011 to that ending March 2015. Prosecutors believe the actual amount of his pay was about ¥10 billion.

The pair denied the allegations during questioning by prosecutors, saying there was no obligation to state deferred payments in the securities reports because it had yet to be decided whether Ghosn would actually receive part of his remuneration after he stepped down.

Additional arrests were made because the pair allegedly violated the Financial Instruments and Exchange Law by understating Ghosn’s executive remuneration in the company’s securities reports by about ¥4 billion from the business year ending March 2016 to that ending March 2018, according to sources.

The Securities and Exchange Surveillance Commission on Monday brought a charge against Ghosn to prosecutors for understating his remuneration over five fiscal years through March 2015, sources said.



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