Ghosn suspected of transferring losses of his personal investments to Nissan – Business News

TOKYO: Former Nissan Motor Co chairman, Carlos Ghosn, has transferred the personal investment losses suffered during the 2008 financial crisis to the automaker in order to avoid multi-million dollar losses him even, reported Tuesday Asahi Shimbun.

Citing several anonymous sources, the newspaper said that when Ghosn Bank had asked for more guarantees from the executive, it had instead ceded the rights to the derivatives business to Nissan, which had resulted in losses of money. 1.7 billion yen ($ 15 million).

The Japanese Securities and Exchange Commission (SESC) has uncovered this incident during this year's routine inspection, said Asahi.

Nissan said it can not comment on the report. A spokesman for the SESC said the watchdog could not comment on individual cases.

Ghosn is in custody in Tokyo after his arrest last week for financial misconduct and allegedly underestimated his income for years. He denied the allegations, the state broadcaster NHK reported.

Ghosn, who was unanimously elected president of Nissan last week, was also ousted as president of alliance partner Mitsubishi Motors Corp on Monday. – Reuters