Nissan says co-operating with SEC inquiry after report of probe on executive pay

[TOKYO] Nissan Motor said on Monday that it was co-operating with an inquiry by the US Securities and Exchange Commission (SEC) after a report said the regulator was investigating the Japanese automaker's disclosures on executive pay.

Nissan has accused its former chairman Carlos Ghosn, first arrested on Nov 19, of financial misconduct. Prosecutors have charged Nissan along with Ghosn for under-reporting his pay. Ghosn has denied the charges.

Bloomberg, citing sources, said the SEC is examining whether the company maintained adequate controls to prevent improper payments.

A Nissan spokesman confirmed the automaker received an inquiry from the US regulator, without giving further details. The SEC was not immediately available to comment on the matter.

Nissan shares were down 1.0 per cent at 919 yen in mid-afternoon trade, compared with a 0.4 per cent decline in the Nikkei average.

REUTERS