Japan Markets Watchdog Likely To Recommend $22 Million Fine Against Nissan

Japan’s Markets Watchdog Likely To Endorse $22M Fine Against Nissan

Japanese public broadcaster NHK reported that automobile company Nissan is all set to be fined $22 million (2.4 billion yen) by the country’s market regulator. The fine is going to be imposed since Nissan had falsified its financial statements in the past.

Nissan has had a tough time over the past year or so. In November 2018, the company’s former Chairman, Carlos Ghosn, was arrested in Tokyo due to financial misconduct. The allegation included underreporting his salary for ten years, during which he had earned as much as $84.71 million. Additionally, Ghosn is alleged to have transferred his personal losses to Nissan’s books.

It had been reported back in June by a leading news agency that the company could be fined as much as 4 billion yen for the offense. However, a sourced had added that if Nissan filed documentation with the Securities and Exchange Surveillance Commission (SESC), then it could be reduced to 2.4 billion yen. The fine is linked to financial underreporting for four years ending in March last year.

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