AutoBeta(AutoBeta.net)09/24 Report--

According to relevant media reports, former Nissan Chairman Ghosn reached a settlement with the US Securities and Exchange Commission (SEC) on salary disclosure investigation. Nissan imposed a fine of $15 million and Ghosn himself imposed a fine of $1 million to end his allegations of withholding $140 million in salary information.

The SEC said that since 2004, Nissan's board of directors had granted Ghosn the right to set executive and director compensation, which directly led to his right to determine the pay of the company's top executives. With the help of Ghosn himself and his subordinates, Ghosn did not disclose more than $90 million in compensation to investors and increased his retirement allowance by $50 million through some measures. Currently, Nissan also fined $15 million, and Ghosn himself agreed to pay a fine of $1 million and banned him from serving as an executive or director of a listed company for 10 years.

In addition, SEC reached a settlement with Kelly, a former director of Nissan, who was willing to pay a fine of $100000 to end the fact that he was accused of helping Ghosn hide his salary and banned him from serving as a director or executive of a listed company for five years.

It is worth noting that SEC's lawsuit is a civil case and, unlike previous criminal cases, it did not admit or deny misconduct in terms of remuneration as part of the settlement agreement.

Lawyers for Ghosn and Kelly said the decision to settle with the Securities and Exchange Commission should not have an impact on the case initiated by the Japanese authorities against them.

It is understood that Ghosn was accused of underwriting his director's remuneration in the securities report in November 2018, in violation of the Financial Law. Ghosn was chairman of Nissan and chairman and chief executive of Renault-Nissan alliance at the time of his arrest and was removed from office.

The application for bail was granted for the first time in March and was arrested and jailed again in April. Ghosn has been detained for 108 days since his arrest in November 2018.

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