Nissan 'facing probe by US regulators over executive pay disclosures'
NISSAN is being investigated by US regulators over executive pay disclosures.
The Japanese carmaker confirmed it is “cooperating fully” after receiving an inquiry from the US Securities and Exchange Commission (SEC). The SEC is investigating whether Nissan disclosed executive pay properly and had adequate controls to prevent improper payments, according to Bloomberg news. It comes just months after ousted chairman Carlos Ghosn was arrested over financial misconduct allegations, including being accused of under-reporting his income. Ghost, 64, is currently facing three charges of financial impropriety in Japan following his arrest on 19 November, 2018.
He has denied any wrongdoing.
Appearing in court earlier this month, the former Nissan CEO described the accusations as "meritless and unsubstantiated”.
His latest request for bail was rejected last week.
A Nissan spokesman confirmed the automaker received an inquiry from the SEC but gave no further details.
I can confirm that we have received an inquiry from the SEC, and are cooperating fully
He said: “I can confirm that we have received an inquiry from the SEC, and are cooperating fully.
“We cannot provide further details.”
Nissan shares fell 0.8 percent to 920.3 yen, compared with a 0.6 percent decline in the Nikkei average.
Ghosn joined Nissan in 1999 after Renault bought a controlling stake and became its CEO in 2001.
He remained in that post until last year.
Ghosn has also been removed from his posts at Mitsubishi and Renault.