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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.

Lawyer for Ghosn slams bail condition as human rights violation

TOKYO (AP) — The lawyer for Nissan's former chairman Carlos Ghosn on Saturday criticized a bail condition that prevents his client from seeing his wife, as Ghosn awaits trial on financial misconduct charges. A judge has forbidden Ghosn from seeing his wife, Carole, including in the presence of lawyers, or talking to her on the phone. Prosecutors say the restriction is needed to prevent evidence tampering. "This is unfair," Takashi Takano, the lawyer, said in a phone interview, calling it a human rights violation. "It's cruel and unusual." His earlier appeal of the ban, rejected by district and appeals courts, went to the Supreme Court, which turned it down last month. The Supreme Court decision cannot be appealed, but Takano vowed to keep filing new petitions, stressing that the Supreme Court has not yet ruled on the constitutionality or the human rights aspects. The next one will be filed within two or three weeks, he said. Ghosn's lawyers recently filed a second petition with the U.N. Working Group on Arbitrary Detention, arguing that the restrictions on seeing his wife amount to a deprivation of fundamental human rights. Takano acknowledged that the situation looks dismal, as Japan's Supreme Court is not easily influenced by other governments' views or by public opinion. "Even the strongest man in the world can be stressed, psychologically damaged. That's very natural as a human being," said Takano, noting that Ghosn was holding up well compared to other clients he has had. Ghosn has been aggressively taking part in meetings with his defense team, according to Takano. The case has entered the stage known as "pre-trial sessions," during which both sides hand in evidence. A trial date has not been set. In Japan, preparations for trials routinely take months. Ghosn, who led Japanese automaker Nissan Motor Co. for two decades, was arrested in November and charged with falsifying financial documents in reporting retirement compensation, and with breach of trust in diverting Nissan money toward personal investment losses and a company effectively run by him. Ghosn, 65, a Brazilian-born Frenchman of Lebanese ancestry, has repeatedly said he is innocent, accusing some at Nissan of plotting against him and opposing a plan to merge Nissan with French alliance partner Renault. Renault is set to vote Tuesday on a possible merger with Fiat Chrysler.

Recharge Wrap-up: Nissan e-NV200 Workspace, Audi Shared Fleet pilot in NC

Nissan has collaborated with Studio Hardie to create the e-NV200 Workspace mobile office. The one-off electric van includes a desk space, touchscreen PC, pop-up coffee machine, Wi-Fi, wireless charging, mini fridge, pull-out rear deck, and app-controlled lighting. The e-NV200 Workspace allows freedom to work to work in a variety of places while avoiding the high rent of city center office space. It also eliminates the added cost and time of traveling to work. There's even a storage mount inside the van for a folding bike to facilitate for when you want to leave the office behind. Check it out in the video above, and read more from Nissan. Audi is launching a pilot program of its on-demand Shared Fleet service in Durham, North Carolina. With Audi Shared Fleet set to debut around the country next year, the pilot program will be housed at the American Underground technology incubator in Durham for this initial trial. Users will be able to book and unlock the fleet's 2017 A4 sedans using the Audi Shared Fleet app. The program will help Audi refine the service ahead of its nationwide launch. Learn more from Audi. The Illinois Solar Energy Association (ISEA) is raffling off a Tesla Model S as part of a fundraiser. In its Green Your Ride contest, the ISEA will pick a winner from 2,500 tickets sold at $100 apiece (or four for $300). If the winner doesn't need a car, or doesn't want to pay the associated taxes and fees, they can opt instead for $60,000 cash. Second and third prize winners get a Tesla Model S for Kids by Radio Flyer, or $500. If less than 2,000 tickets are sold, the winner takes half the raffle proceeds, while the ISEA will use the rest in its mission to promote solar power. Read more at ValueWalk.