[Run Silent]

This was unexpected. I wonder how this will impact the company?

Nissan Motor Chairman Carlos Ghosn has been arrested by Tokyo authorities, the car maker said Monday, and is expected to be fired by the company at a Thursday board meeting.

Japanese media reports say Ghosn under-reported his compensation over five years by approximately $44 million.


Link to article:

https://www.foxbusiness.com/business...ry-to-be-fired

[________]

Damn... he had everything going for him and the companies... like doing that would really be important for their valuation?

Oh well, if true, he's screwed. There's likely a loophole, with some France and Japan shared amounts or something. Good on Japan, no room for BS.

[The0pportunist]

Where are the auditors ?

[Run Silent]

Originally Posted by OnerDriver

Damn... he had everything going for him and the companies... like doing that would really be important for their valuation?

Oh well, if true, he's screwed. There's likely a loophole, with some France and Japan shared amounts or something. Good on Japan, no room for BS.

It really is sad and pretty crazy. I wonder if it was intentional or not. Unsure of how IFRS requirements align with US GAAP, but here in the USA - if your company CEO pay is above a certain threshold as it relates to overall earnings, it triggers all sorts of additional disclosures.

Not sure if they were attempting to minimize to avoid the additional disclosure requirements, or if this is related to tax implications, or what.

I doubt they did it on purpose to manipulate earnings, since it would be such an insignificant amount - I doubt it would even be material, and possibly below deminimus. Who knows?

It's a bad deal all around. I believe that Renault and Nissan stock is currently trading at something like a 17% drop from prior to the announcement.

[________]

Originally Posted by usshelena725

It really is sad and pretty crazy. I wonder if it was intentional or not. Unsure of how IFRS requirements align with US GAAP, but here in the USA - if your company CEO pay is above a certain threshold as it relates to overall earnings, it triggers all sorts of additional disclosures.

Not sure if they were attempting to minimize to avoid the additional disclosure requirements, or if this is related to tax implications, or what.

I doubt they did it on purpose to manipulate earnings, since it would be such an insignificant amount - I doubt it would even be material, and possibly below deminimus. Who knows?

It's a bad deal all around. I believe that Renault and Nissan stock is currently trading at something like a 17% drop from prior to the announcement.

Oh yeah, I too would be concerned with my stakes in this organization as more things could have been hidden, and the uncertain future without the guy that saved it...

Curious about this as it develops, I thought he was trustworthy.

[Run Silent]

Originally Posted by The0pportunist

Where are the auditors ?

Ernst & Young, ShinNihon Japan office.


Looks like reporting is done accounting principles generally accepted in Japan. JP GAAP.

Originally Posted by OnerDriver

Curious about this as it develops, I thought he was trustworthy.

I would be highly suspect if this was his doing. I imagine that this was either an error/omission or if actual fraud, it was done by corporate governance, not done by him as direct fiat.

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Originally Posted by usshelena725

Ernst & Young, ShinNihon Japan office.


Looks like reporting is done accounting principles generally accepted in Japan. JP GAAP.

I would be highly suspect if this was his doing. I imagine that this was either an error/omission or if actual fraud, it was done by corporate governance, not done by him as direct fiat.

Yeah, not sure. Nissan is blaming him for misuse of corporate assets, and that the wrongdoings were kept hidden for too long because he had too much power and the organization wasn't transparent enough to uncover them.

That being said by Nissan's CEO, while saying he was requesting his dismissal to the board, is very heavy. It seems Japan and Nissan think he is responsible for things he can't claim ignorance to.

Oh well, maybe now Mitsubishi will finally go under, their cars were getting more and more hideous lol...

[Run Silent]

Originally Posted by OnerDriver

Yeah, not sure. Nissan is blaming him for misuse of corporate assets, and that the wrongdoings were kept hidden for too long because he had too much power and the organization wasn't transparent enough to uncover them.

That being said by Nissan's CEO, while saying he was requesting his dismissal to the board, is very heavy. It seems Japan and Nissan think he is responsible for things he can't claim ignorance to.

Oh well, maybe now Mitsubishi will finally go under, their cars were getting more and more hideous lol...

Who is Mitsubishi? Didn't they build a couple of sporty type cars a couple decades a go? They build TV's now, right?

lol.

[________]

Originally Posted by usshelena725

Who is Mitsubishi? Didn't they build a couple of sporty type cars a couple decades a go? They build TV's now, right?

lol.

Can't believe you missed out on the new Aztek!!!!!!!