Nissan, Ghosn settle U.S. SEC claims over undisclosed compensation

WASHINGTON - Nissan Motor Co and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commision over false financial disclosures related to Ghosn’s compensation, an SEC statement said on Monday.

Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Nissan confirmed it had settled the allegations and said it “is firmly committed to continuing to further cultivate robust corporate governance.” The SEC said “Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn’s retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan’s Long Term Incentive Plan, and changing the calculation of Ghosn’s pension allowance to provide more than $50 million in additional benefits.”

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