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Ousted chairman Ghosn reportedly shifted personal investment losses to Nissan

Japan's Securities and Exchange Surveillance Commission (SESC) discovered this incident during that year's routine inspection, the Asahi said.


Devdiscourse News Desk Last Updated at 27-11-2018 07:40:23 IST France, Japan
Ousted chairman Ghosn reportedly shifted personal investment losses to Nissan

Carlos Ghosn, the former chairman of Nissan Motor Co, shifted personal investment losses incurred during the 2008 financial crisis to the automaker to avoid millions of dollars in losses himself, the Asahi Shimbun reported on Tuesday.

Citing multiple unnamed sources, the paper said that when Ghosn's bank had called for more collateral from the executive, he instead handed the rights over the derivatives trade to Nissan, which effectively shouldered 1.7 billion yen ($15 million) in losses.

Japan's Securities and Exchange Surveillance Commission (SESC) discovered this incident during that year's routine inspection, the Asahi said.

Nissan said it could not comment on the report. An SESC spokesman said the watchdog could not comment on individual cases.

Ghosn is being held in detention in Tokyo after his arrest last week for financial misconduct, including allegedly understating his income for years. He has denied those allegations, public broadcaster NHK has reported.

Ghosn, who was unanimously voted out as chairman of Nissan last week, was also ousted as chairman of alliance partner Mitsubishi Motors Corp on Monday.

($1 = 113.4900 yen)

(With inputs from agencies.)


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