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Nissan and Carlos Ghosn settle SEC claims over undisclosed compensation

WASHINGTON — Nissan and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commission over false financial disclosures related to Ghosn's compensation, an SEC statement said on Monday. Nissan will pay $15 million, while Ghosn agreed to a $1 million civil penalty and a 10-year ban from serving as an officer or director of a publicly traded U.S. company, the SEC statement said. Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Former Nissan human resources official Gregory Kelly agreed to a $100,000 penalty and a five-year officer and director ban. Nissan, Ghosn, and Kelly settled without admitting or denying the SEC's allegations and findings. The SEC said in total Nissan in its financial disclosures omitted more than $140 million to be paid to Ghosn in retirement — a sum that ultimately was not paid. The SEC also accused Ghosn in a suit filed in New York that he engaged in a scheme to conceal more than $90 million of compensation. That suit is being settled as part of the agreement announced Monday. Nissan confirmed it had settled the allegations and said it "is firmly committed to continuing to further cultivate robust corporate governance." Nissan provided significant cooperation to the SEC, the agency said. The company now has a new governance structure with three statutory committees — audit, compensation and nomination — and has amended its securities reports for all relevant years. The SEC said beginning in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. The SEC said "Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn's retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan's Long Term Incentive Plan, and changing the calculation of Ghosn's pension allowance to provide more than $50 million in additional benefits." "Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market," said Stephanie Avakian, co-director of the SEC's Division of Enforcement.

Japan minister launches counterattack after Ghosn blasts justice system

TOKYO — Japan's justice minister launched a rare and forceful public takedown of auto executive-turned-fugitive Carlos Ghosn after he blasted the country's legal system as allowing him "zero chance" of a fair trial as he sought to justify his escape to Beirut. After his dramatic flight to Lebanon last month, Ghosn spoke in public for the first time on Wednesday, saying he had been treated "brutally" by Tokyo prosecutors. He said they questioned him for up to eight hours a day without a lawyer present and tried to extract a confession out of him. In an effort to undo Ghosn's attempt to sway public opinion in his favor, Justice Minister Masako Mori followed shortly with a statement, translated into English and French, and held a news conference after midnight and again around 9:30 a.m. on Thursday morning to defend Japan's justice system. "I decided to do this because defendant Ghosn was looking to justify his unlawful exit from Japan by propagating a false recognition of our justice system," she said at the second news conference. "I felt that we needed to respond immediately to broadcast a correct understanding to people around the world." Ghosn, the former chief of Nissan and Renault, fled Japan last month as he was awaiting trial on charges of under-reporting earnings, breach of trust, and misappropriation of company funds, all of which he denies. Mori said Ghosn's escape from his trial in itself "could constitute a crime" that would not be tolerated in any country. "My impression in listening to him was that there were few statements that were backed by any real evidence," she said. "If he wants to prove his innocence, he should face fair trial proceedings here," she added, stressing that the allegations against him concerned financial crimes in Japan. "That would be the mark of a first-class businessperson and good citizen." Mori blasted Ghosn for violating his bail by fleeing the country "without showing a passport and breaking international rules that everyone in the world follows." "It was a breach of faith that can't be explained to our children," she said. The spotlight on Japan's justice system comes as Mori is set to host in April the United Nations' Congress on Crime Prevention and Criminal Justice, held once every five years.

2023 Mitsubishi Outlander PHEV First Drive Review: Slightly rough diamond

The Mitsubishi Outlander was one of the first small, affordable plug-in hybrid SUVs, yet it lost ground in recent years with the introduction of strong offerings from Toyota, Ford, Hyundai and Kia. The main reason was that the regular Outlander wasn’t especially competitive, so once the PHEV finally had company, there was nowhere to go but down. Well, thereÂ’s an all-new and dramatically improved Outlander now, and finally, its plug-in hybrid version is here to make up that lost ground. Like the gas-only version, the new 2023 Mitsubishi Outlander PHEV impresses with a stylish, spacious and suitably modern interior, and generally comfortable and quiet demeanor. The plug-in hybrid goes significant further, though, with more power and refinement, plus a strong electric range. There are a couple weak points that keep it from being best-in-class (like the gas-only version), but depending on your needs, the Outlander PHEV could still be the green compact SUV for you. The Outlander PHEV has a powertrain that's extremely similar to its predecessor. A naturally aspirated 2.4-liter four-cylinder now makes 134 horsepower rather than the previous model's 148 horsepower. While it can provide direct power to the wheels, itÂ’s most often employed as a motor generator for the front and rear electric motors (much as a Honda hybrid operates). Both of those motors are also more potent than before. The front motor picked up 20 horsepower and 88 pound-feet of torque to make 114 ponies and 188 lb-ft. The rear makes 40 more horsepower for 134, though torque remains the same at 144 pound-feet. The result is a grand total of 248 horsepower and 332 pound-feet of torque. That's more than the Ford Escape PHEV, and more torque than the Hyundai Tucson and Kia Sportage plug-ins. The Toyota RAV4 Prime's 302 horsepower bests them all. In addition to more power, the Outlander PHEV can now go 38 miles on a charge –14 more than before thanks to a pack that has grown from 13.8 kilowatt-hours to 20 kWh. Once again, thatÂ’s more range than Ford, Hyundai and Kia, though less than the Toyota. Mitsubishi also offers an unusual feature not available on those competitors: DC fast charging. WeÂ’re not sure how necessary a DC fast charger is on a vehicle that can run on gas in a pinch, but if youÂ’d like a topped-up battery and donÂ’t want to wait overnight to get it from the plug in your garage, why not?