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Nissan: Undeclared payments by Ghosn total over $83 million

IANS  |  Tokyo 

Motor has booked 9.2 billion yen ($83.24 million) in charges related to under-reported compensation to the company's ousted Carlos Ghosn, the and of the Japanese said on Tuesday.

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

and Hiroto Saikawa, speaking at a press conference where he presented the company's financial results for the last nine months of 2018, said the figures involving Ghosn were a conservative estimate, according to news.

The carmaker also cut its full-year profit forecast as sales weakened.

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 prosecutor's office and the authorities to determine the exact sum, according to the the firm's

Ghosn has been in prison in since November 19 after Nissan accused him of not declaring a part of his income between 2011 and 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

Nissan replaced Ghosn with Saikawa as soon followed suit, replacing him with as President.

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

Saikawa said that he hoped to discuss and revise the existing Renault-Nissan and 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 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 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 Nissan's course.

--IANS

soni/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 19:44 IST
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