Nissan under USA regulators scanner over executive pay disclosures

Nissan under USA regulators scanner over executive pay disclosures

Nissan, in response to questions, confirmed it has received an inquiry and said it's cooperating fully. The company said it could not provide further details.

Nissan shares fell 0.8% to ¥920.3, compared with a 0.6% decline in the Nikkei average.

In an unexpected twist, Nissan CEO Hiroto Saikawa, a former protégé of Ghosn who led the campaign against his ex-boss, said he too intends to step down in coming months after reforming the poor governance he says weakened the Japanese carmaker.

Tokyo prosecutors have indicted the company and its former chairman Carlos Ghosn on charges of financial misconduct related to Ghosn's remuneration. Also charged in the alleged scheme is Greg Kelly, the American Nissan director accused of helping Ghosn hide compensation for payment sometime in the future. The SEC inquiry is focused on whether lapses by Nissan in reporting its executives' pay violated USA securities law, one of the people said. USA courts have disagreed about whether the regulator has jurisdiction in certain cases where wrongdoing occurred overseas, but Nissan shares trade in the US via American depositary receipts, which falls under the SEC's purview. France's government owns 15% of Renault.

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"That's rare", Dessaint said, suggesting that by doing so, Ghosn was hoping to benefit immediately from any pre-discussed "golden handshake".

On Monday said a Nissan spokesman Nicholas Maxfield. Ghosn resigned last week and Renault appointed Michelin chief executive officer Jean-Dominique Senard as chairman and Mr Thierry Bollore as CEO.

Ghosn's lawyers have lost two requests for bail, and under Japanese legal rules he could remain behind bars for months before his trial even opens.

According to Dessaint, Ghosn is eligible to receive 765,000 euros a year after leading Renault since 2005, forging an alliance which sold more cars than any of its rivals last year.

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