FILE PHOTO: Nissan CEO Hiroto Saikawa attends a news conference to release first quarter earnings at the company headquarters in Yokohama, Japan July 25, 2019. REUTERS/Issei Kato

TOKYO (Reuters) – Nissan Motor Co (7201.T) Chief Executive Hiroto Saikawa admitted to misconduct involving stock-related compensation and said he planned to return the portion he had wrongfully received, Jiji news agency reported.

Saikawa made the comments to reporters on Thursday morning after media reported that an internal company probe had found he had received tens of millions of yen more than he should have through a stock appreciation rights (SAR) scheme.

The investigation came after former Nissan director Greg Kelly went public with the allegations earlier this year.

In an interview with magazine Bungei Shunju published in June, Kelly said Saikawa was granted an exception in 2013 to reschedule a stock-linked bonus that bumped up the payout by 47 million yen ($445,962).

Kelly was arrested last November along with former Nissan boss Carlos Ghosn and is awaiting trial on charges of financial misconduct. Both men have denied wrongdoing.

Reporting by Chang-Ran Kim; Editing by Stephen Coates

Our Standards:The Thomson Reuters Trust Principles.

Source link

Leave a Reply

Your email address will not be published.