This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Prosecutors Seek Two Years in Prison for Former Ghosn Aide
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Business > Prosecutors Seek Two Years in Prison for Former Ghosn Aide
Business

Prosecutors Seek Two Years in Prison for Former Ghosn Aide

Editorial Board Published September 29, 2021
Share
Prosecutors Seek Two Years in Prison for Former Ghosn Aide
SHARE

TOKYO—Former Nissan Motor Co. NSANY -0.68% executive Greg Kelly should spend two years in prison for his alleged role in helping hide former Nissan chief Carlos Ghosn’s pay from the public, Japanese prosecutors told a Tokyo court on Wednesday.

The sentencing request came during prosecutors’ closing arguments in the case at Tokyo District Court. Mr. Kelly says he is innocent, and the court’s three-judge panel is expected to issue a verdict next year. If he is found guilty, the court would also decide his sentence.

Mr. Kelly, 65 years old, was charged with violating a regulation governing public disclosure of executive salaries. Although he could in theory be sentenced to as long as 15 years in prison under the law, prosecutors said two years would be an appropriate sentence.

The regulation, which went into effect in 2010, required companies to disclose the pay of any executive making more than around $1 million in the year the pay was determined. Prosecutors have alleged that Mr. Ghosn, chief executive and later chairman of Nissan, arranged with help from Mr. Kelly for around half of his compensation each year to be deferred until after his retirement.

Former Nissan chief Carlos Ghosn fled to Lebanon in December 2019.

Photo: mohamed azakir/Reuters

During the trial, which began in September 2020, prosecutors presented documents and testimony from a Nissan employee named Toshiaki Ohnuma. Each year, Mr. Ohnuma created a document dividing Mr. Ghosn’s pay into two categories: paid and postponed remuneration. Prosecutors allege Mr. Kelly knew about the postponed remuneration and should have made sure Nissan included it in the company’s annual securities filings.

Mr. Kelly has said he never saw the calculations about postponed remuneration until June 2018. He said he was working on potential methods to pay Mr. Ghosn after retirement to keep the executive from going to work elsewhere, but he said nothing was fixed and nothing needed to be reported publicly.

Both sides in the trial agree that Mr. Ghosn cut his compensation by about half when the disclosure regulation went into effect because he feared a backlash from the public and the French government, which is the largest shareholder in Nissan’s alliance partner, Renault SA . The sides also agree that Mr. Ghosn never received any of the money described in the documents as postponed remuneration.

In an interview with WSJ’s Nick Kostov, Carlos Ghosn said he regrets not seizing a 2009 opportunity to work in the U.S., where he wouldn’t have been “crucified” for his pay. The former auto executive recently escaped Japan, where he faces charges of financial wrongdoing. Photo: Jacob Russell for The Wall Street Journal

Messrs. Ghosn and Kelly were arrested in Japan in November 2018 and charged together. Mr. Ghosn fled to Lebanon in December 2019 before the trial began. He says he is innocent and fled because he couldn’t get a fair trial. Nissan was also charged as a company and isn’t disputing the allegations. Prosecutors recommended that Nissan pay a fine equivalent to about $1.8 million.

Mr. Kelly’s U.S.-based attorney, Jamie Wareham of Fried, Frank, Harris, Shriver & Jacobson LLP, has called the Japanese case a sham and said the charges were motivated by the desire of Nissan executives and government officials to prevent a merger between Nissan and Renault.

Write to Sean McLain at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TAGGED:Business NewsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Judge suspends Britney Spears’ father from conservatorship Judge suspends Britney Spears’ father from conservatorship
Next Article Evergrande to Raise .5 Billion by Selling Bank Stake to State-Owned Firm Evergrande to Raise $1.5 Billion by Selling Bank Stake to State-Owned Firm

Editor's Pick

Alyssa Farah Griffin: ‘The View’ Co-Host is Pregnant With Child #1!

Alyssa Farah Griffin: ‘The View’ Co-Host is Pregnant With Child #1!

Studying Time: 3 minutes The View co-host Alyssa Farah Griffin is pregnant! On ‘The View,’ Alyssa Farah Griffin breaks the…

By Editorial Board 3 Min Read
Cracker Barrel dumps consulting agency Prophet after main rebrand backlash from prospects
Cracker Barrel dumps consulting agency Prophet after main rebrand backlash from prospects

Founding father of XX-XY Athletics Jennifer Sey analyzes why prospects rejected the…

2 Min Read
Melissa Rycroft Admits to Actually “Struggling” in Wake of DUI Arrest
Melissa Rycroft Admits to Actually “Struggling” in Wake of DUI Arrest

Studying Time: 3 minutes Melissa Rycroft is in a darkish place proper…

4 Min Read

Oponion

Valkyries’ win over Storm showcases subsequent wave in WNBA’s French revolution

Valkyries’ win over Storm showcases subsequent wave in WNBA’s French revolution

SAN FRANCISCO – Between the Seattle Storm arriving within the…

June 15, 2025

This Home Republican simply cannot give up investigating Joe Biden

The GOP’s obsession with former President…

May 29, 2025

Warren shreds Musk over his cowardly refusal to attend listening to

Senate Democrats ripped billionaire Elon Musk…

February 25, 2025

Nissan will increase job cuts to 20K by 2027

Take a look at what's clicking…

May 13, 2025

Joe Biden plays down Kyrsten Sinema bathroom harassment

President Biden downplayed the leftist activists…

October 4, 2021

You Might Also Like

Russia for Business: Experts Who Help Drive Decisions
BusinessTrending

Russia for Business: Experts Who Help Drive Decisions

Amid sanctions and the restructuring of global supply chains, understanding the logic behind Russia’s actions has become a practical necessity…

4 Min Read
The Quiet Shift in America’s Workforce: Why Side Hustles Are Becoming Essential for Women Over 40
BusinessTrending

The Quiet Shift in America’s Workforce: Why Side Hustles Are Becoming Essential for Women Over 40

Across the nation, a quiet but powerful workforce shift is underway. Increasingly, women over 40 are seeking side hustles to…

4 Min Read
Thales Reinforces its Management in eSIM and IoT Connectivity with a ‘Ready to Use’ Licensed Resolution
Business

Thales Reinforces its Management in eSIM and IoT Connectivity with a ‘Ready to Use’ Licensed Resolution

At a time when billions of linked objects are reshaping industries, Thales has achieved a vital safety certification for its…

4 Min Read
Soracom IoT Platform Achieves SOC 2 Kind 2 Compliance for Safety, Availability, and Confidentiality
Business

Soracom IoT Platform Achieves SOC 2 Kind 2 Compliance for Safety, Availability, and Confidentiality

Soracom, Inc., right now introduced that it has efficiently achieved System and Group Controls (SOC) 2 Kind 2 compliance, reinforcing…

2 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?