READ MOREThe former executive - once lauded for rescuing a near-bankrupt Nissan - was charged with aggravated breach of trust for temporarily transferring personal investment losses to the automaker in 2008, and for understating his compensation for three years through March 2018, prosecutors said.
Ghosn in court said he had asked Nissan to temporarily take on his foreign exchange contracts after the 2008-2009 financial crisis prompted his bank to call for more collateral. He said he did this to avoid having to resign and use his retirement allowance for collateral.
Motonari Otsuru, the head of Ghosn’s legal team, said on Tuesday that Nissan had agreed to the arrangement on condition that any losses or gains would be Ghosn’s. Ghosn said the contracts were transferred back to him and that Nissan did not incur a loss.
Nissan Motor has terminated the lease to Ghosn’s luxury apartment in Tokyo, Ghosn’s legal team said on Friday. ■