The new boss of Nissan, Makoto Uchida, is ready to lead Nissan to exit its "dark age". But SECC wants the company to be fined for its misconduct. (Image via The New York Times)

Nissan should be fined ¥2.4 bil: SECC

On Tuesday, the Securities and Exchange Surveillance Commission (SECC), Japan’s securities regulators, advised the Financial Services Agency that one of Japan’s largest automotive manufacturers, Nissan Motor Co., be fined ¥2.4 million for under-reporting compensation of its former chairman, Carlos Ghosn.

Earlier, Nissan had been charged with under-compensation of Carlos Ghosn. The recommendation was made after SECC looked through documents from 2014 to 2017.

Nissan went with the recommendation quietly, but “extremely seriously”. While it is waiting for an official notice regarding the fine to make the final decision, Nissan also stated that it had corrected its securities documents in May 2019.

In November 2018, Carlos Ghosn was arrested due to under-reporting his compensation and other financial misconducts. However, the trial has not begun, and he is currently out on a bail. While prosecutors were confident that they already have the case, they did not disclose further details.

Carlos Ghosn with his “Nissan Way” had led the automotive company from near-bankruptcy back to heavenly grace.

Ghosn’s lawyer accused the case as a conspiracy by Nissan and the Japanese government colluding to prevent a fuller merger between Nissan and its French partner, Renault SA.

Due to Ghosn’s scandal, Nissan had seen its sales tumble and reputation falling. With the new chairman in charge, Makoto Uchida, Nissan promises good corporate governance and more transparency.

Source: https://bit.ly/36plFbC