Nissan and Ghosen to settle SEC claims: No parties acknowledge the corn

SEC approved the settlement agreement regarding both the misstatements of Nissan's director compensation and also the prior case of false annual securities reports.

The SEC charged Nissan for omitting more than $140 million from Ghosen’s retirement. As for Carlos Ghosen, the chairman and chief executive of Nissan's French partner Renault, was accused of concealing more than $90 million of compensation.

SEC states that Nissan will pay $15 million, while Ghosen to receive a $1 million penalty and will not engage in any publicly traded U.S entities as an executive for a decade. 

Besides, Ghsen's subordinate Gregory Kelly, the former Nissan human resources official, will pay a $100,000 penalty and a 5-year ban from serving as an officer or director.

The settlement is now done, but none of the three parties admitted or denied the accusations. Dismissed by Nissan last year, Ghosen did not plead guilty and is awaiting trial in Tokyo.  

"I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom," Ghosen said.

Nissan has released a statement yesterday indicates that its securities reports have been amended for all relevant fiscal years.

"Nissan provided significant cooperation to the SEC and has promptly implemented remedial acts to prevent recurrence, including transitioning to a new governance structure with three statutory committees (audit, compensation and nomination)."