crime

Ghosn allegedly shifted personal investment loss of ¥1.7 bil to Nissan

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Good grief. Ghosn is in deep doo-doo.

3 ( +3 / -0 )

Japan's Securities and Exchange Surveillance Commission was aware of the alleged misconduct in relation to Ghosn's derivatives trading and notified the bank involved in the transaction of the possibility that he had committed an aggravated breach of trust, the sources said.

Nissan shouldered the losses incurred amid the global financial crisis in 2008 after Ghosn could not secure sufficient collateral, they said.

"Shouldering" these losses cannot occur unknown to the Board of Directors and personnel within Nissan. Did Nissan agree to do this?

Ghosn was arrested last week for allegedly violating Japan's Financial Instruments and Exchange Act by underreporting his remuneration by around 5 billion yen over five years to March 2015. He received nearly 10 billion yen during that period.

This cannot occur without the knowledge of the Board of Directors and Representative Director.

Ghosn is also suspected of having used one of Nissan's business jets for private trips, the sources said.

The 64-year-old is believed to have traveled aboard one of Nissan's leased planes for nonbusiness purposes.

Is this part of his compensation package? It is completely normal for someone in his position to have this as a benefit. The article does not state whether this is the case or not. Why not?

More information is needed.

By the way I am generally against overly excessive executive compensation and also the ability to use a private plane in this manner. I think Ghosn's compensation package and greed is absurd.

HOWEVER - I think he is being hatched and the media is in cahoots.

12 ( +13 / -1 )

Did Nissan agree to do this?

He was taking advantage of Japan's weak position?

-6 ( +2 / -8 )

Obviously no confession yet. The prosecutor wants a 10 day extension, and knowing full well that judges know little regarding fraud cases, can put allegations out in the media to justify the incarceration.

Of course the defendant is not allowed to make a public statement.

3 ( +3 / -0 )

Of course the defendant is not allowed to make a public statement.

He does in court.

-4 ( +0 / -4 )

I can only imagine what the poorly paid line workers at Nissan factories are thinking. Their labor produced the billions of yen Ghosn got, and they get minimum wage.

-5 ( +2 / -7 )

Nissan line workers are not poorly paid I think. Maybe they are thankful for Nissan still employing them?

4 ( +6 / -2 )

He does in court.

I don't think that's true. When a judge determines whether or not to extend the detention, I don't think the defendant is given the option to speak.

4 ( +4 / -0 )

"Shouldering" these losses cannot occur unknown to the Board of Directors and personnel within Nissan. Did Nissan agree to do this?

It absolutely can, with the investment industry collapse of 2008 it would be easy to hide that $15million in the billions of dollars lost.

This cannot occur without the knowledge of the Board of Directors and Representative Director.

Again it absolutely can, if you dont think that the CEO AND Board Chairman has to power to do that you're misinformed as to how corporate back dealings work.

Ghosn is done.

-5 ( +0 / -5 )

Let Ghosn speak! Japan Inc.’s insistence on controlling the narrative has become farcical.

6 ( +6 / -0 )

There is plenty of innuendo and assumptions being made here with regards to some of the accusations against him.

For example the use of the company jet for private use, was it "illegal"? No one is stating such a thing, but it is being used to bury him further.

The media is playing their part, as well as JT here too, they are ALL being used to pile on information that may or may not be illegal, and trying him in the court of public opinion.

3 ( +4 / -1 )

Of course the defendant is not allowed to make a public statement.

He does in court.

He has not been indicted yet!

0 ( +0 / -0 )

@ksteer - yes this can be done but only with the full knowledge of and awareness of the Board of Directors and at least some people in finance.

If Ghosn is guilty then openly charge him, go to court, have a proper trial, and convict.

However there is no way this occurred without others within Nissan (mostly likely all of the Board) being aware of this.

If they were not aware they are not competent.

4 ( +4 / -0 )

Ousted Nissan Motor Co Chairman Carlos Ghosn is suspected of shifting some 1.7 billion yen ($15 million) of personal investment losses to the automaker in 2008, adding to the financial misconduct allegations against him, sources close to the matter said Tuesday.

Japan's Securities and Exchange Surveillance Commission was aware of the alleged misconduct in relation to Ghosn's derivatives trading and notified the bank involved in the transaction of the possibility that he had committed an aggravated breach of trust, the sources said.

The shifting was done in 2008. When did Japan's Securities and Exchange Surveillance Commission become aware? Just now? Back in 2008? If it was in 2008 why didn't they act right then? That part of the article is not clear.

4 ( +4 / -0 )

For example the use of the company jet for private use, was it "illegal"? No one is stating such a thing, but it is being used to bury him further.

It’s not illegal, but it is undeclared additional condensation, so he will be open to a tax fraud indictment. You cannot avoid paying taxes for any gifts or benefits you receive. Last month I received a Yeti tumbler at work for something I had done. Before accepting it, I had to sign a tax document noting its value and that it would be added to my W2 tax forms. That was for a $27 cup not a $50k plane ride taken monthly. He is done based on everything I have read.

1 ( +1 / -0 )

The use of the company leased jet for private purposes does not need to be illegal but the cost incurred and carried by Nissan can be regarded as Mr. Ghosn's income and taxable as such. From Nissan's side it can be regarded as a gift to Mr. Ghosn and as such not as tax reducing costs. Both sides' tax declarations would need to be amended.

0 ( +0 / -0 )

Nissan shouldered the losses incurred amid the global financial crisis in 2008 after Ghosn could not secure sufficient collateral, they said.

So literally Nissan gave him a loan, Sony did the exact same thing to Square after they made the final fantasy movie and it bombed big time.

-1 ( +0 / -1 )

I wonder where Kyodo obtained this news.

Tokusobu is pretty tight lipped leaking news unless it was for their benefit and if it was from Nissan they would have hinted the source as same as Tokusobu since wire service do not like to be used.

0 ( +0 / -0 )

I meant, "He'll speak in court."

0 ( +0 / -0 )

It appears our neighbor friend from Brazil missed the Protestant Ethics program during his Jesuit education in Lebanon. Also he will not be too pleased with his current accommodations in Tokyo They appear to lack that certain "omotenashi" so very familiar in Japanese culture . I had planned to visit Carlos with a hospitality kit (holiday obento box) with some of his favorite goodies. Carlos always enjoyed pao de queijo , pimenta malagueta , farinha de mandioca , polvilho doce and azedo , trigo para quibe , azeite dende , feijoada , but I cancelled my annual Momiji trip to Nihon this week from Buenos Aires. Hope he likes the local rice porridge.

Ciao, Juanito

-2 ( +0 / -2 )

It’s not illegal, but it is undeclared additional condensation, so he will be open to a tax fraud indictment. You cannot avoid paying taxes for any gifts or benefits you receive. Last month I received a Yeti tumbler at work for something I had done. Before accepting it, I had to sign a tax document noting its value and that it would be added to my W2 tax forms. That was for a $27 cup not a $50k plane ride taken monthly. He is done based on everything I have read.

Please dont use the American tax laws to talk about Japan! His use of the jet could be written off for tax purposes as it very well could have been a business trip, no one knows. THe media is just saying Nissan has nothing there so the assumption is that it was personal. No proof. But people are hanging him.

3 ( +3 / -0 )

Ghosn allegedly shifted personal investment loss of ¥1.7 bil to Nissan... and no one at Nissan noticed?

0 ( +0 / -0 )

Pls stop wasting time, Nissan new managent !!!. Somebodies must be sleeping till now. My best advices to the good Japanese share-holders Nissan, it is better to get rid of all top managent of current Nissan that have worked with Carlos. It save our money & time.

0 ( +0 / -0 )

Gotta say, it's refreshing that Japan and South Korea have the balls to do this kind of think when it's called for. America sadly does not.

0 ( +0 / -0 )

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