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Speaking at a late-night news conference on Monday, Nissan CEO Hiroto Saikawa said that too much power had been concentrated on Ghosn, and that the implications of his stewardship of both Renault and Nissan had gone unquestioned since 2005. Prosecutors said in a statement that Ghosn and Representative Director Greg Kelly conspired to understate Ghosn’s compensation over five years starting in fiscal 2010 as being about half of the actual 9.998 billion yen ($88.9 million) louis vuitton cufflinks replica uk sale. Ghosn joined Nissan in 1999 and became its CEO in 2001. He remained in that post until last year and had received 9.2 million euros ($10.53 million) in pay for the final year as CEO..
“By under-reporting his corporate salary, he basically deprived Nissan’s shareholders of opportunities to judge if the amount of his salary was appropriate,” Toru Ibayashi, executive director of Wealth Management at UBS Securities Japan, said of Nissan’s allegations louis vuitton cufflinks replica uk sale. CEO Saikawa, a top ranking executive since 2011, emphasized that Nissan was a victim of Ghosn’s alleged misdeeds but declined to say whether others besides Kelly at the automaker were involved in the wrongdoing..
Nissan has been slow to strengthen its governance, with outside directors linked to the alliance or lacking business experience, said Zuhair Khan, head of Japan research at Jefferies. “Even in poor governance Japan, Nissan under Carlos Ghosn stood out for bad governance structure,” he said. Japanese public broadcaster NHK reported Nissan paid billions of yen for the purchase and renovation of homes for Ghosn in Rio de Janeiro, Beirut, Paris and Amsterdam, citing unnamed sources. The properties had no business purpose and were not listed as benefits in filings to the Tokyo bourse, NHK said. Saikawa declined on Monday to discuss specifics on Ghosn’s personal use of company money louis vuitton cufflinks replica uk sale.
Nissan spent 2 billion yen on homes for Ghosn in Rio and Beirut via a Dutch subsidiary, with Kelly overseeing the transaction, the Nikkei newspaper reported, citing unnamed sources louis vuitton cufflinks replica uk sale. There has been no comment from Ghosn or Kelly on the allegations and Reuters could not contact them for comment. In a sign of the broader political fallout, Hitoshi Kawaguchi, Nissan senior vice president handling government relations, met with Japan’s top government spokesman on Tuesday, telling media he had requested good relations between Japan and France be maintained..
The Asahi newspaper cited unnamed sources as saying a company employee gave prosecutors information on Ghosn in return for lighter treatment, the second instance of a plea deal in Japan – a system introduced in June louis vuitton cufflinks replica uk sale. Nissan shares fell to a two-year low of 940 yen before closing down 5.5 percent at 950 yen. A record 140 million Nissan shares were traded on Tuesday, accounting for almost 6 percent of all trading on the Tokyo exchange’s main board. Shares of Mitsubishi, which also said on Monday it would remove Ghosn as its chairman, ended down nearly 7 percent. Renault shares lost 8.4 percent on Monday..