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Auto industry legend arrested in Japan

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Carlos Ghosn
Asia   Carlos Ghosn

Nissan Motor said it will seek the removal of Carlos Ghosn after uncovering serious acts of misconduct by the chairman.

Ghosn, among the most prominent car-industry leaders globally and also the Chief Executive Officer of Renault SA, has been arrested over the suspected breach of Japanese financial trading law, the Yomiuri reported.

Nissan has been conducting an internal investigation over the past several months regarding misconduct involving Ghosn and director Greg Kelly, the Japanese automaker said in a statement Monday.

“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.

The company said it has been providing information to the Japanese prosecutors and is cooperating fully with their investigation. Ghosn voluntarily went with Tokyo prosecutors, Asahi reported.

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