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16 December
Monday

Asia

Former chief Nissan Motor Co. was arrested in Japan

He may spent money to purchase a luxury yacht for the use of Ghosn’s family

Photo: Kyodo

/NOVOSTIVL/ Tokyo prosecutors served a fourth arrest warrant against former Nissan Motor Co. Chairman Carlos Ghosn on Thursday, this time for alleged misuse of the automaker’s funds, sources close to the matter said. This article appeared in the Kyodo.

The prosecutors are investigating another allegation of aggravated breach of trust against Ghosn in connection with the use of part of 3.5 billion yen (US$31 million) paid to an Omani distributor since 2012 as sales incentives from Nissan’s so-called CEO reserve, a pool of funds Ghosn could use at his discretion at the time.

Some of the funds were allegedly transferred via investment firm Good Faith Investments, run by a senior official of the distributor, to a company represented by Ghosn’s wife. The money may have been spent to purchase a luxury yacht for the use of Ghosn’s family and other items, according to the sources.

He was preparing to defend himself against charges that include violating the financial instruments law by under-reporting pay to regulators over a number of years, as well as aggravated breach of trust in relation to the alleged transfer of private investment losses to Nissan.

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