Nissan plans to oust chairman over money allegations

Nissan plans to oust chairman over money allegations

Nissan said it planned to oust Chairman Carlos Ghosn after alleging he had used company money for personal use.

It's also claimed he committed other serious acts of misconduct.

Japanese media reported that Ghosn, who is also chairman and chief executive of Nissan's French partner Renault and one of the best known figures in the global car industry, had been arrested.

The Japanese automaker said that based on a whistleblower report, it had been investigating possible improper practices by Ghosn and Representative Director Greg Kelly for several months, and that it was fully cooperating with investigators.

"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," Nissan said in a statement.

The company said it would brief reporters.

It said CEO Hiroto Saikawa would propose that the Nissan board remove Ghosn and Kelly.

Published: by Radio NewsHub
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