Nissan chairman arrested for financial misconduct
by Kiley Crossland
Posted 11/20/18, 11:42 am
Authorities in Japan on Monday arrested Nissan Motor Co. Chairman Carlos Ghosn on charges he underreported his income and misused company funds. Prosecutors said they were holding Ghosn, 64, and another Nissan executive, Greg Kelly, for collaborating to falsify securities statements and underreport $44.6 million in income from 2011 to 2015. Ghosn is also chairman and CEO of the Renault-Nissan alliance, which formed in 1999 and allows both companies to share engineering and technology costs. Mitsubishi joined the alliance two years ago.
Nissan CEO Hiroto Saikawa said the company board will meet Thursday to consider Ghosn’s dismissal. If Nissan fires him, it could jeopardize the alliance, which sold 10.6 million cars in 2017, more than any other manufacturer.
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Kiley is a WORLD Digital assistant editor and reports on marriage, family, and sexuality.