Published: Mon, December 10, 2018
Markets | By Otis Pena

Nissan recalling 150,000 vehicles over brakes, steering concerns

Nissan recalling 150,000 vehicles over brakes, steering concerns

Prosecutors in Tokyo will soon hand down indictments for Ghosn, former Nissan director Greg Kelly and the automaker itself, Reuters reports, citing a report in Japan's Nikkei business daily.

The two were arrested November 19 on suspicion of violating the Financial Instruments and Exchange Act, for reporting only 5 billion yen ($44 million) of Ghosn's 10 billion yen remuneration during the five years from fiscal 2010.

The daily said prosecutors had decided that Nissan was also responsible for the alleged financial wrong-doing and would bring charges against the firm.

Nissan has announced plans to recall approximately 150,000 vehicles owing to improper tests on new units.

The ousted chairman is expected to face a further accusation of underreporting his salary by about 4 billion yen ($35.5 million) over the past three years, Japanese media reported.

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The Tokyo Prosecutors Office has declined to comment on whether Ghosn has admitted to the claims, but said the Renault chairman is being held in a Tokyo detention center.

The auto company said the Nissan board "confirmed that the long-standing Alliance partnership with Renault remains unchanged and that the mission is to minimize the potential impact and confusion on the day-to-day cooperation among the Alliance partners". "We will continue to do so", spokesman Nicholas Maxfield told AFP.

Carlos Ghosn was arrested on November 19 on allegations he under-reported his salary by millions of dollars over five years, which he denies.

In Japan, Ghosn was celebrated as a charismatic business leader who saved Nissan from the brink of failure and rebuilt it as a money-maker in the alliance with Renault.

Nissan said Monday that a whistle-blower had passed information over Ghosn and Kelly to Nissan's auditors who then began a wider investigation.

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