YOKOHAMA, Japan - On September 15, the Tokyo District Court held its first hearing on the case involving Greg Kelly and Nissan Motor Co., Ltd., concerning the violation of the Japan Financial Instruments and Exchange Act (submission of annual securities reports containing false statements) by former Chairman Carlos Ghosn and former Representative Director Greg Kelly.
Earlier, Nissan had carried out a robust and thorough internal investigation that included external lawyers. Based on substantial and convincing evidence found in the investigation, Nissan established that Carlos Ghosn and Greg Kelly intentionally committed serious misconduct and significant violations of corporate ethics. The company contends that the facts surrounding the misconduct will be shown during the court proceedings and the law will take its course.
Nissan has also been indicted for the violations and takes this situation very seriously. The company has strengthened its governance structure by making it more independent and transparent through its transition to a company with three statutory committees. It has also distributed authority so that internal controls will operate better and has strengthened its internal audit function.
Nissan believes that making false disclosures in annual securities reports greatly harms the integrity of Nissan's public disclosures in securities markets. The company expresses its deep regret for this.
Nissan has filed a civil lawsuit against Ghosn in February 2020, in order to recover a significant part of the monetary damages inflicted on the company by him as a result of years of his misconduct and fraudulent activity.
The company will continue to ensure compliance is maintained in its business operations, including accurate disclosures of corporate information.
Koji Okuda or Azusa Momose
Nissan Motor Co. Ltd. published this content on 15 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2020 07:09:01 UTC