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TOKYO (Reuters) – The co-chair of a committee set up by Japanese automaker Nissan Motor Co (7201.T) to examine the root cause of alleged financial misconduct by ousted chairman Carlos Ghosn said he believed Ghosn may have had questionable ethical standards. Ghosn, charged with three counts of financial misconduct, has been detained in Tokyo since his arrest on Nov. 19 letter cufflinks australia. Ghosn denies the charges against him, which include understating his salary for eight years and temporarily transferring personal financial losses to Nissan’s books..
“Having read the report on the internal investigation, my initial impression was that the head of the company may have had questionable ethical standards,” committee co-chair Seiichiro Nishioka told a briefing late on Sunday after the panel held its first meeting. Ghosn said on Sunday he would follow restrictions by authorities in Japan in exchange for his release from jail in the latest effort to persuade a court to grant him bail while he awaits trial. Ghosn, in a statement released in New York, also said he looked forward to defending his reputation in court letter cufflinks australia.
“Nothing is more important to me or to my family,” he said letter cufflinks australia. Nishioka, a former judge, added that he also saw problems with Nissan’s governance, including the process of determining compensation for directors. The panel, comprising three Nissan external directors and four third-party members, expects to meet three or four times before making recommendations to Nissan’s board in March on how to tighten lax governance and approval processes for matters including director compensation and chairman selection..
All seven members attended the first meeting in Tokyo, including Jean-Baptiste Duzan, an external director based in France letter cufflinks australia. For four hours, they discussed issues with two people involved with Nissan including how power had been heavily concentrated with Ghosn for years, Nishioka said, and possible ways to avoid such focus in the future. Nishioka added that such a concentration of authority in one person was “questionable”. Nissan and partner Mitsubishi Motors (7211.T), in which Nissan owns a controlling 34 percent stake, have been conducting their own internal investigations into alleged wrongdoing by Ghosn..
On Friday both accused him of improperly receiving $9 million in compensation from a joint venture between the two automakers, raising the possibility that the former boss of the Nissan-Renault alliance could face a fresh charge of embezzlement. Separate internal investigations have found evidence that a small group of people at both companies helped to carry out or approve transactions including secret compensation and payments on Ghosn’s handful of residences, people with knowledge of the matter have told Reuters letter cufflinks australia.