By CRM staff
Toronto, Ontario -- November 21, 2018 -- Nissan’s chairman, Carlos Ghosn and representative director Greg Kelly have been arrested for allegedly misrepresenting their income and using the corporate funds for their own personal use.
The company released in a statement that they had been investigating the pair for the past several months regarding the situation following a whistleblower report. The investigation revealed that Ghosn and Kelly had been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount. Their goal was to reduce the disclosed amount of Ghosn's compensation.
They have also been caught using the company’s assets for their own personal use.
In the meantime Ghosn and Kelly have been fired from their positions with Nissan.
“Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures,” the company stated in a press release.