WASHINGTON: US securities regulators on Monday charged Japanese automaker Nissan and its former CEO Carlos Ghosn with hiding more than US$140 million in Ghosn's expected retirement income from investors.
"Ghosn became concerned about criticism that might result in the Japanese and French media if his total compensation became publicly known," the SEC said.When that failed,"Ghosn and Nissan subordinates took steps to conceal from public disclosure a substantial portion of Ghosn's compensation," the SEC order said.
"We are satisfied with the conclusion of this agreement in the United States," said a statement from his attorneys, noting no court had found that Ghosn committed"punishable acts." He is awaiting trial on charges of under-reporting millions of dollars in salary and of using company funds for personal expenses.
The SEC order in the Nissan settlement also cited the car company's"significant cooperation" with US officials and corporate governance changes implemented in the wake of the scandal.
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