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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Nissan Motor Co., Ltd.    7201   JP3672400003

NISSAN MOTOR CO., LTD.

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Reports: Nissan failed to report income for Ghosn in Japan

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08/20/2020 | 03:22am EDT

TOKYO (AP) — The case against former Nissan executive Carlos Ghosn may have taken another turn as Japanese media report allegations that the automaker declared as expenses 1.15 billion yen ($10.8 million) in his taxable personal income.

Japan’s National Tax Agency said Thursday it was aware of the reports but declined comment on an individual case.

Nissan Motor Co. confirmed it had received a notice of a tax investigation from Japanese authorities.

“Nissan received a reassessment notice from the authorities and will respond appropriately. We will not comment further,” the Japanese automaker said in a statement.

Ghosn’s spokesperson did not immediately respond to a request for comment.

The reports by the nationally circulated Yomiuri newspaper and Kyodo news service say money reported as Nissan expenses was actually used for Ghosn's personal purposes, such as use of a corporate jet and housing in Tokyo and other places.

Such expenditures included 1 billion yen ($9.4 million) over five years through March 2019, and 150 million yen ($1.4 million) over three years before that, the reports said.

Ghosn was arrested in Japan in 2018, and was awaiting trial on charges of under-reporting future income and breach of trust when he jumped bail and escaped to Lebanon late last year. The Brazilian-born Frenchman has Lebanese citizenship.

Ghosn has repeatedly said he is innocent, the money was never decided on or paid, and the payments were legitimate. He says the charges were concocted by those who wanted to block plans for Nissan’s merger with alliance partner Renault of France. Ghosn said he fled because he believed he could not get a fair trial in Japan, where the conviction rate in criminal trials is more than 99%.

Japan is demanding the extradition of two Americans accused of helping Ghosn escape to Lebanon. Ghosn cannot be as easily extradited because Japan has no extradition treaty with Lebanon.

The trial of another former Nissan executive, Greg Kelly, arrested with Ghosn, is scheduled to start next month. Kelly, an American, is out on bail in Japan and has repeatedly insisted on his innocence.

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News


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Financials
Sales 2021 7 805 B 74 745 M 74 745 M
Net income 2021 -538 699 M -5 159 M -5 159 M
Net Debt 2021 6 289 B 60 222 M 60 222 M
P/E ratio 2021 -2,72x
Yield 2021 -
Capitalization 1 471 B 14 056 M 14 086 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,89x
Nbr of Employees 136 134
Free-Float 45,6%
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Mean consensus UNDERPERFORM
Number of Analysts 21
Average target price 436,11 JPY
Last Close Price 375,90 JPY
Spread / Highest target 294%
Spread / Average Target 16,0%
Spread / Lowest Target -46,8%
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Managers
NameTitle
Makoto Uchida Executive President & Chief Executive Officer
Yasushi Kimura Chairman
Ashwani Gupta COO & Representative Executive Officer
Stephen Ma Chief Financial Officer & Executive Officer
Anthony Thomas Chief Information Officer
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