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Nissan Confirms Misconduct By Carlos Ghosn; CEO Hiroto Saikawa To Resign

Nissan Motor Co., Ltd. (NSANF.PK,NSANY.PK) said the findings of internal investigation indicate that Ghosn, former chairman, and others made arrangements to avoid disclosure by Nissan of compensation exceeding 20 billion yen. Combined, the sum of amounts related to misconduct by Ghosn and Kelly is estimated at roughly 35 billion yen or more. Nissan plans to pursue legal measures, including seeking damages.

Nissan said the individuals who benefited from the misconduct are being asked to repay the overpaid amounts. The board has been notified by current Nissan CEO Hiroto Saikawa and one former director that the sums will be returned.

Also, the company announced that Hiroto Saikawa will resign as representative executive officer and CEO, effective Sept. 16. Nissan's representative executive officer and COO, Yasuhiro Yamauchi, will become acting CEO. The company plans to complete the search for a successor for the CEO position by the end of October.

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