The Securities and Exchange Surveillance Commission is considering fining Nissan Motor Co. at least ¥2.4 billion ($22 million) over allegations the automaker underreported former chairman Carlos Ghosn’s remuneration, a source close to the matter said Wednesday.
The recommendation by the securities watchdog, which has filed a criminal complaint against Nissan over the allegation, will be made to the Financial Services Agency, the source said.
The watchdog accused Nissan of violating the financial instruments law by underreporting Ghosn’s pay package by around ¥9.1 billion in the eight years through March 2018 in the company’s securities reports presented to regulators.
Tokyo prosecutors have indicted Nissan on the charge. The company in May corrected its securities reports, including executive remuneration, for fiscal 2005 to fiscal 2017.