YOKOHAMA, Japan, Jan. 11 -- Nissan Motors, a manufacturer of automobiles, issued the following news release:
Today, Nissan Motor Co., Ltd.'s former Representative Director and Chairman Carlos Ghosn was indicted for aggravated breach of trust under Japan's Companies Act. Prior to the charge being laid, Nissan filed a criminal complaint based on the same violation against Ghosn with the Tokyo District Public Prosecutors Office.
Nissan filed the criminal complaint on the basis of Ghosn's misuse of a significant amount of the company's funds. Nissan does not in any way tolerate such misconduct and calls for strict penalties. Nissan is continuing its own internal investigation into potential illegal expenditure of its funds.
Also today, Ghosn and former Representative Director Greg Kelly were indicted for violating the Japan Financial Instruments and Exchange Act, namely making false disclosures in annual securities reports. Nissan, as a legal entity, was also indicted for the same violation.
Nissan takes this situation extremely seriously and expresses its deepest regret for any concern caused to its stakeholders.
Nissan will continue its efforts to strengthen its governance and compliance, including making accurate disclosures of corporate information. The efforts will be made in consideration of the discussions and recommendations of the company's recently established Special Committee for Improving Governance.
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