Japan’s markets watchdog to recommend fining Nissan over false reporting

Japan’s markets watchdog will probably recommend the financial regulator fine Nissan Motor about 2.4 billion yen ($22 million) over misleading reporting on its financial statement, anytime soon, public broadcaster NHK reported on Sunday.

Nissan’s former Chairman Carlos Ghosn was arrested in Tokyo in November 2018 over accusations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of almost a decade and temporarily shifting personal financial losses to the books of Nissan.

Reuters reported in June that about 4 billion yen worth of fines would be imposed on Nissan and it may receive a decreased fine of around 2.4 billion yen if the automaker submitted documentation to the Securities and Exchange Surveillance Commission (SESC) prior to the formal investigation begins, citing a source.

The fine would cover a four-year period through March 2018, the source earlier informed Reuters.

Nissan and the SESC are yet to comment on this matter.