Japan's markets watchdog recommends $22 million fine for Nissan over Ghosn pay

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TOKYO (Reuters) – Japan’s markets watchdog said on Tuesday it has recommended that the country’s financial regulator fine Nissan Motor Co Ltd (T:) about 2.4 billion yen ($22 million) over the underreporting of former Chairman Carlos Ghosn’s compensation.

The fine would cover a four-year period through March 2018, the Securities and Exchange Surveillance Commission (SESC) said in a statement.

Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan.

The automaker’s new chief executive, Makoto Uchida, pledged on his first day in the position to repair profitability and said setting realistic targets would be key to that goal, as Nissan tries to make a clean break from Ghosn’s leadership.

Reuters in June cited a source saying Nissan would be fined up to 4 billion yen and that it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the SESC before a formal investigation begins.

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