Nissan says co-operating with SEC inquiry after report of probe on executive pay

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FILE PHOTO: The Nissan logo is seen at Nissan Motor Co.’s global headquarters building in Yokohama, Japan, December 17, 2018. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) – Nissan Motor Co said on Monday that it was co-operating with an inquiry by the U.S. Securities and Exchange Commission (SEC) after a report said the regulator was investigating the Japanese automaker’s disclosures on executive pay.

Nissan has accused its former chairman Carlos Ghosn, first arrested on Nov. 19, of financial misconduct. Prosecutors have charged Nissan along with Ghosn for under-reporting his pay. Ghosn has denied the charges.

Bloomberg, citing sources, said the SEC is examining whether the company maintained adequate controls to prevent improper payments.

A Nissan spokesman confirmed the automaker received an inquiry from the U.S. regulator, without giving further details. The SEC was not immediately available to comment on the matter.

Nissan shares were down 1.0 percent at 919 yen in mid-afternoon trade, compared with a 0.4 percent decline in the Nikkei average.

Reporting by Ritsuko Ando in Tokyo and Bhanu Pratap in Bengaluru; Editing by Gopakumar Warrier and Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.

2019-01-28 05:33:48

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