23 Sep 2019 Carlos Ghosn pays SEC $1 million to settle illicit compensation chargers
Carlos Ghosn, former Nissan boss, has agreed on 23 September, 2019 to pay a fee of $1 million to the US Securities and Exchange Commission to settle the civil allegation of concealing compensation received from Nissan.
Mr. Ghosn was arrested in Japan in November 2018 facing criminal charges of financial misconduct after the introduction of new corporate transparency rules forcing Japanese companies to disclose executive pay.
Allegations ranging from inflating his compensation and his pension allowance to setting consultant fees to be paid once he resigned from the board of Japanese carmaker. Allegedly, Mr. Ghosn concealed from investors $90m and he increased his retirement benefit by $50m.
After facing civil charges in the US, Mr. Ghosn settled and agreed to pay $1m and not to perform senior position in any US company for 10 years. More importantly, the settlement permits Mr. Ghosn to contest the criminal allegations against him in Japan.
For further information, see the articles listed below:
https://www.ft.com/content/aa6ce5e8-de0f-11e9-9743-db5a370481bc
https://edition.cnn.com/2019/09/23/business/carlos-ghosn-sec/index.html