Stock Groups

Tokyo court convicts ex-Nissan executive for role in hiding Carlos Ghosn payments -Breaking


© Reuters. Greg Kelly, a former executive at Nissan Motor Co. walks into the Tokyo District Court in Tokyo, Japan on March 3, 2022. Zhang Xiaoyu/Pool via REUTERS

TOKYO (Reuters) – A Tokyo court convicted the former Nissan Motor Executive Greg Kelly for helping Carlos Ghosn to hide his pay from financial regulators. But Kelly claimed he wasn’t responsible for the $80 Million that the ex-Nissan chief allegedly didn’t disclose.

Kelly was told by Kelly that the court found the unpaid remuneration and failure to report “the grand total” to be false reporting. Kelly agreed.

The judge, however, said Kelly was not aware of all 9.3 billion yen ($80.46 million) of hidden payments over a decade, instead blaming Toshiaki Ohnuma, an official who oversaw details of Ghosn’s compensation as a secretariat official, for some of them. Ohnuma, a key witness, was not tried in exchange for cooperation.

Kelly was sentenced to a suspended six-month sentence by the judge

Nissan was penalized 200 million yen (or $1.73 million) because it failed to reveal Ghosn’s salary.

A Japanese court may get the closest to concluding the case against Nissan’s former chief executive officer after an 18 month-long trial. Ghosn, who fled to Lebanon in 2019, hiding in a suitcase on a private plane is out of reach for Japanese prosecutors.

These charges stemmed from 2010’s financial regulation changes that made it mandatory for executives making more than one billion yen (or $8.71 million) each year to reveal their salaries.

Kelly claimed that Kelly did not break the law. He testified that his sole intention was to provide Ghosn with information. Ghosn was the chief executive officer at Kelly’s company. Renault (PA:) A package of compensation that will dissuade him defecting to another automaker.

Kelly could now leave Japan after this ruling.

This chapter is over, even though it has been three long years for Kelly’s family. Dee, his wife, and he can start their next chapter here in Tennessee,” Rahm Emmanuel (U.S. Ambassador to Japan) said in a statement.

Ghosn was once an international traveler but is now stuck in Lebanon. He cannot travel to other countries without getting arrested and returning to Japan.

Ghosn faces charges of concealing $80million of earnings over the past eight years. Ghosn also faces allegations of enriching his employer through $5 million in payments to a Middle East dealership for cars and temporary transfer of investment losses to his old employer.

Ghosn denies all allegations against him.

($1 = 115.5900 yen)

($1 = 115.5900 yen)

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, futures, indexes or Forex. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. Because prices might not reflect the market, they may be incorrect. This means that prices cannot be considered indicative and are inappropriate for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.