WASHINGTON (Pakistan Point News / Sputnik - 24th September, 2019) Auto giant Nissan, its ex-CEO Carlos Ghosn and former director Greg Kelly have agreed to pay fines to settle charges of providing fraudulent information about compensation and retirement benefits totaling more than $140 million, the Securities and Exchange Commission (SEC) announced in a press release on Monday.
"From 2009 until his arrest in Tokyo in November 2018, Ghosn, with substantial assistance from Kelly and subordinates at Nissan, engaged in a scheme to conceal more than $90 million of compensation from public disclosure, while also taking steps to increase Ghosn's retirement allowance by more than $50 million," the release said on Monday.
The $140 million in undisclosed compensation and retirement benefits was never paid out to Ghosn, the SEC noted.
Nissan settled the charges by agreeing to pay a $15 million civil penalty, while Ghosn and Kelly agreed to be permanently enjoined from violating or aiding and abetting violations of the anti-fraud provisions, the SEC said,
Ghosn also agreed to a $1 million civil penalty and a 10-year officer and director bar. Kelly agreed to a $100,000 penalty, a five-year officer and director bar and a five-year suspension from practicing or appearing before the Commission as an attorney.
