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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.

Carlos Ghosn's wife appeals to President Trump to help her husband

LONDON — The wife of former Nissan chairman Carlos Ghosn urged U.S. President Donald Trump to raise her husband's case with Japan's prime minister at a summit of world leaders later this month. "I'd like President Trump to speak to Prime Minister Abe about fair conditions, fair trial conditions and to let me speak to my husband and also to respect this presumption of innocence until proven guilty," Beirut-born Carole Ghosn, who has a U.S. passport, told the BBC. Shinzo Abe is due to host other leaders of the Group of 20 economies in the Japanese city of Osaka on June 28-29. In April Carole Ghosn called on the French government to do more to help her husband. Carlos Ghosn, who holds French, Lebanese and Brazilian citizenship, is facing financial misconduct charges and has said he is the victim of a boardroom coup, accusing "backstabbing" former colleagues of conspiring to oust him as Nissan chairman. Carole Ghosn said she had not spoken to her husband since he was re-arrested on April 4 before being released on bail three weeks later. "They told him one of the bail conditions, the restrictions, is he isn't allowed to speak to me or talk to me, which I find inhumane," she said. "All of this could have been dealt with internally within the company. This didn't need to go this far and on top of it my husband is innocent and time will prove the truth." (Writing by William Schomberg, editing by Louise Heavens) Government/Legal Mitsubishi Nissan Renault

Nissan touts e-NV200 as electric VIP transport

While the big auto show may be in Paris next month, right now in Hannover, Germany, commercial vehicle manufacturers are peddling their wares to fleet operators. Among them is Nissan, which is not only upgrading its NV400 full-size van with new engines and technology, but also showcasing a rather unusual show car in the form of the e-NV200 VIP Concept. Nissan has outfitted this electric NV200 demonstrator to chauffeur passengers around town in comfort and under electric propulsion. It's decked out in a two-tone metallic blue paint job and an interior upholstered in white leather contrasting with black trim and carpets, although for some reason the Japanese automaker hasn't seen fit to release any interior images. In the back you'll find a 21.5-inch DSP monitor, LED lighting and a pair of "club class" seats (again, no pictures), moved aft-wards to maximize leg room to 26 inches with an extendable footrest, while still allowing for luggage space behind. The driver can even make use of Nissan's new Smart Rear-View mirror to help get passengers as close to the red carpet as possible. NISSAN SHOWCASES EV FOR VIPs Zero emission e-NV200 is transformed for ultimate comfort city transport -introducing the e-NV200 concept for VIPs. - Luxuriously appointed 100% electric for downtown VIP passenger shuttle - Two-tone metallic blue exterior and white leather seats - Limousine-like space and 21.5-inch monitor with digital device connectivity - Smart Rear-View mirror providing clear rearward visibility in all conditions Hannover, Germany (23rd September, 2014) Fresh from launching the game-changing 100% electric Nissan e-NV200 compact van, the world's leading electric vehicle manufacturer has created a new zero emission concept for VIP transportation - the Nissan e-NV200 VIP Concept. Designers have upgraded the all-electric e-NV200 Evalia people carrier into a zero emission van perfect as shuttle transport for VIPs. The benefit of being zero emission means that the van can access all current and future clean air zones, as well as drive inside buildings, for the ultimate in discreet convenience. Behind the spectacular two-tone exterior lies a sophisticated and luxurious interior. The seats are covered in premium quality white leather with blue accents, which contrast with the predominantly black lower portion of the cabin - the trim and carpets are black with a piano black finish on the control surfaces.