Nissan Motor Co.’s board voted unanimously to oust Chairman Carlos Ghosn from his post, and allegations emerged that Ghosn used company money to buy personal residences and enrich his sister.
A person familiar with Nissan’s investigation into Ghosn said the company found he used a subsidiary in the Netherlands to spend some $18 million buying and renovating personal homes including a condominium in Rio de Janeiro and a house in Beirut.
In addition, this person said, Ghosn used the Netherlands subsidiary to make multiple payments to his older sister for consulting. In one instance, she received a $60,000 commission for advising on the housing in Rio, but Nissan found no evidence the sister actually performed such work, the person said. Ghosn’s sister couldn’t be reached for comment.
Ghosn was arrested Monday by Japanese prosecutors on suspicion of conspiring to lower his reported compensation on Nissan’s securities filings by around $44 million over a five-year period. He remains in custody and couldn’t be reached for comment.
Most popular stories on wsj.com:
Want news about Asia delivered to your inbox? Subscribe to MarketWatch’s free Asia Daily newsletter. Sign up here.