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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toshiba Corporation    6502   JP3592200004

TOSHIBA CORPORATION

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Japan's markets watchdog recommends $22 million fine for Nissan over Ghosn pay

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12/10/2019 | 04:31am EST
Tokyo Motor Show 2019

Japan's markets watchdog said on Tuesday it has recommended that Nissan Motor Co Ltd be fined about 2.4 billion yen (17.15 million pounds) over the underreporting of former chairman Carlos Ghosn's compensation.

The fine would cover the four financial years from April 2014 to March 2018, markets watchdog the Securities and Exchange Surveillance Commission (SESC) said in a statement.

Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan. He has denied wrongdoing.

Due to the statute of limitations, Nissan is not liable for underreporting before the financial year starting April 2014, an SESC official told a press briefing. Japan's financial regulator the Financial Services Agency will make a final decision on the fine.

A 2.4 billion yen fine would be the second largest ever imposed in Japan for false reporting in a corporate financial statement, behind a 7.3 billion yen fine imposed on Toshiba Corp in 2015, according to the SESC.

Nissan said in a statement that it was taking the SESC's recommendations seriously. "We express deepest regret to stakeholders for any trouble caused. We will continue efforts to strengthen governance and compliance including ensuring accuracy of corporate information disclosure," it said.

The SESC acknowledged false reporting by Nissan based on its investigation, the official told reporters.

Nissan's new chief executive, Makoto Uchida, pledged on his first day in the role on Dec. 2 to repair profitability and said setting realistic targets would be key to that goal, as Nissan tries to make a clean break from Ghosn's leadership.

Reuters in June cited a source saying Nissan would be fined up to 4 billion yen and that it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the SESC before a formal investigation begins.

(Reporting by Takashi Umekawa; Editing by Kim Coghill/ Christopher Cushing/Susan Fenton)

By Takashi Umekawa

Stocks treated in this article : Nissan Motor Co., Ltd., Toshiba Corporation
Stocks mentioned in the article
ChangeLast1st jan.
NISSAN MOTOR CO., LTD. -4.50% 481.4 End-of-day quote.-0.72%
RENAULT -2.87% 28.735 Real-time Quote.-31.88%
TOSHIBA CORPORATION -3.85% 3125 End-of-day quote.2.80%
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Financials (JPY)
Sales 2020 3 442 B
EBIT 2020 135 B
Net income 2020 -117 395 M
Finance 2020 389 B
Yield 2020 0,99%
P/E ratio 2020 -12,6x
P/E ratio 2021 13,1x
EV / Sales2020 0,30x
EV / Sales2021 0,26x
Capitalization 1 417 B
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 3 756,00  JPY
Last Close Price 3 125,00  JPY
Spread / Highest target 47,5%
Spread / Average Target 20,2%
Spread / Lowest Target -0,80%
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Managers
NameTitle
Nobuaki Kurumatani Executive Chairman & Chief Executive Officer
Satoshi Tsunakawa President, Chief Operating Officer & Director
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Hiroshi Yamamoto Chief Technology Officer
Keiichi Yumita Chief Information Officer
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