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  HOME | Business & Economy (Click here for more)

Nissan Says Undeclared Payments by Ghosn Total over $83 Million

TOKYO Ė Nissan Motor estimates that 9.2 billion yen ($83.24 million) was paid to the companyís former president Carlos Ghosn, the current president and CEO of the Japanese automobile manufacturer said on Tuesday.

Ghosn is currently in prison charged with underreporting his income for eight years.

Nissan President and CEO Hiroto Saikawa, speaking at a press conference where he presented the companyís financial results for the last nine months of 2018, said the figures involving Ghosn were a conservative estimate.

Nissan decided to take into account these alleged payments accorded with Ghosn despite still not having settled the amount, which could vary, depending on the results of the investigations of the public prosecutorís office and the authorities to determine the exact sum, according to the firmís Chief Financial Officer Hiroshi Karube.

Ghosn has been in prison in Tokyo since Nov. 19, 2019, accused of not declaring a part of his income from Nissan Motor between 2011-2018.

The 64-year-old is also accused of having violated a Japanese business regulation by using Nissan to cover a series of personal financial losses during the 2008 crisis, and of making allegedly unjustified payments to a Saudi businessman.

Nissan replaced Ghosn with Saikawa as president, and Renault soon followed suit, replacing him with Jean-Dominique Senard as president.

Senard is scheduled to visit Tokyo this week and meet with Saikawa, who on Tuesday reiterated his willingness to work with the French executive.

Saikawa said that he hoped to further develop their alliance, and said he hoped to discuss and revise the existing Renault-Nissan and Mitsubishi alliance.

He said first he wanted to create trust and good communications between their operational teams, while also underlining the need to avoid granting excessive power to the leader of the alliance.

On being asked about his responsibility in the alleged irregularities by Ghosn, whom he worked with for a decade, Saikawa said he and other executives felt responsible for not having discovered it or not having stopped it.

The CEO of the Japanese company said they had to secure the future of their firm and the need to focus on managing the current situation and chart Nissanís course.

 

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