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Nissan probe into Ghosn turns to 'CEO Reserve' fund, Dutch unit

Nissan Motor Co Ltd investigators are examining former Chairman Carlos Ghosn's use of an internal "CEO Reserve" fund and the role of subsidiaries in the Netherlands and other countries as part of a probe into alleged financial misconduct, two people with knowledge of the inquiry told Reuters.

In response to questions from Reuters about the Ceo Reserve Fund and other issues, two Ghosn representatives in the United States said they were unable to comment because they were not sufficiently familiar with the details.

Nissan fired Ghosn as chairman on Nov. 26, a week after he was arrested by Japanese prosecutors, accused of conspiring to understate his compensation by about half of the 10 billion yen($88 million) awarded over five years from 2010.

Kelly's lawyer, Yoichi Kitamura, said he was unaware of the content of Nissan's internal probe and was confident his client will be cleared of the charges brought against him.

Since investments in technology startups are generally considered confidential, the subsidiaries did not attract much attention from internal financial staff, the sources with knowledge of the probe said.

According to one of the people, the team is reviewing "a mountain" of receipts and other financial records to see if purchases of residences in Rio de Janeiro, Beirut and Paris as well as expenses such as a yacht club membership and a donation to a college had been approved and paid for properly.

READ MORE (Japan Today)

  • Ghosn's fall from grace: Secret probe by Nissan led to arrestJakarta Post
  • Exclusive: Nissan investigates 'CEO Reserve' fundThe Standard
  • Renault board did not consider replacing Ghosn: interim chairmanAlong the Boards
  • Arrest of triple auto chief Carlos Ghosn raises speculation Nissan engineered coupThe Japan Times
  • French government 'seeks to hire new Renault chief'Irish Examiner
  • Renault board maintains Ghosn as CEO, says pay was legalBorneo Bulletin Online
  • France plans Renault CEO hunt as board frays over GhosnFree Malaysia Today
  • Nissan is investigating a 'CEO reserve' fund used by its former chairman ...Business Insider
  • France seeks candidates for Renault chiefThe Japan News

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Nissan probe into Ghosn turns to 'CEO Reserve' fund, Dutch unit


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