BREAKING NEWS

BREAKING NEWS

Ex-Nissan chair Carlos Ghosn pays $9M bail in financial misconduct case

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Then Renault-Nissan chairman and CEO Carlos Ghosn in 2017. -
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Eric Piermont
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Former Nissan Motor Chairman Carlos Ghosn on Wednesday paid bail of $8.9 million, the Tokyo District Court said, clearing the way for his release from the Tokyo detention center where he has been held for more than 100 days.

Ghosn was arrested Nov. 19 on suspicion of financial misconduct.

While relatively high, the nearly $9 million bail was not a record high for Japan.

The former head of the Renault-Nissan-Mitsubishi Motors has proclaimed his innocence since his arrest last year on the charges of falsifying financial information and breach of trust.

Ghosn is accused of under-reporting compensation that he says was never paid or decided upon. The breach of trust allegations center on a temporary transfer of Ghosn's investment losses to Nissan's books that he says caused no losses to the automaker. They also name payments to a Saudi businessman that he says were for legitimate services.

Ghosn was dismissed as NIssan's chariman but continues to serve on the board, pending a decision at a shareholders' meeting.

Nissan Motor Co. declined comment on the criminal case but said it was working on strengthening corporate governance.

"Nissan's internal investigation has uncovered substantial evidence of blatantly unethical conduct," company spokesman Nick Maxfield said.