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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.

Watch a pro drifter drive the Nissan Skyline with his feet

You can't let a few setbacks dissuade you from trying to achieve your goals, and that's as true in motorsports as anywhere else in life. If you want an inspiring example of someone who isn't letting adversity stand in his way, just check out professional drifter Bartosz Ostalowski. He doesn't have arms but still competes with one foot on the wheel. It would be amazing to see someone drift a car using just a foot in any setting. However, the fact that Ostalowski is able to do that during competitions makes the feat even more impressive. To make drifting possible, his car is a custom modified R34 Nissan Skyline with an automatic transmission and a LS V8 from General Motors for power. If you watch the video above, and somehow don't believe what Ostalowski does is possible, the clip shows another example of him at work. This one cuts between interior and exterior views of the same run. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Nissan presents NV200 is the brave new face of London taxis [w/video]

In most cities, just about any vehicle can serve as a taxi - so long as it meets the owner/operator's requirements for reliability, comfort and utility. But certain cities have their own unique taxis, and Nissan has been working hard to corner those markets. It has already designed specific taxis for such locations as New York, Barcelona and Tokyo, but its latest effort will bring a new Hackney Carriage to the streets of London.
A year and a half ago, Nissan displayed its NV200 on the streets of London in traditional black livery. But this new design takes the customization for the British capital one step further. Working closely with the mayor's office and with cab drivers across the city, Nissan's European design center in the Paddington district has reskinned the NV200 specifically to serve as the new black cab in London. The new face features round headlights, a new grille, LED lighting and a restyled front bumper. The steering has also been reconfigured to meet the 25-foot turning circle requirements for Hackney Carriages, as the black cabs are known on the streets of London.
The result is a distinctly British take on the NV200 taxi - one that we're guessing won't go without its fair share of controversy. Nissan will begin offering the black cab at the end of the year with a 1.6-liter gasoline engine mated to an automatic transmission, a powertrain said to be cleaner than the diesels used in existing taxis. And Nissan should know, having supplied many of those 2.7-liter turbodiesels in the '80s and '90s. But if that's not clean enough, the Japanese automaker will also begin selling an electric version, the e-NV200, starting next year. Watch the video clip and read the full details in the press release below.