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Japanese prosecutors sued Nissan Motors (7201.T), the former chairman of Nissan Motors (7201.T), for underreporting revenue, and formally sued Nissan Motors for the financial fraud scandal.
Ghosn was arrested on November 19 for actually earning 10 billion yen ($88 million) in salary over the five-year period beginning in 2010, but is suspected of conspiring with others to underreport by about half.
Since then, Ghosn has been detained in Tokyo prison for questioning, but he has not been formally prosecuted until now. The prosecution rearrested Mr. Ghosn on Monday on new charges of underreporting revenue over the three-year period ending March 2018.
A few days after Ghosn's arrest, Nissan removed Ghosn's chairman and said the misconduct was carried out with the assistance of Ghosn's former representative, Greg Kelly. Kelly was also charged for the first time Monday.
The accusation also left the problem with Renault (RENA.PA). Renault is Nissan's alliance partner, holding a 43.4% stake in Nissan. Renault is preparing to hold a board meeting on December 13 to discuss Ghosn's future as chairman and CEO.
Ghosn and Greg Kelly have not yet been represented by lawyers, but Japanese media reports say they deny the charges. The reporter called Motonari Otsuru, a lawyer for Ghosn, but no one responded.
Nissan has been charged with false financial statements, and the company says it takes the allegation seriously.
"The company regrets that the false statements in the annual report have seriously damaged the reliability of Nissan's public disclosure in the stock market," the company said, adding that it would correct past financial reports and incorporate appropriate salary data.


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