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Nissan operating profit rises 25%; Ghosn charge booked

Source: autonews.com   ( Home & Auto > Auto )

Feb 12, 2019 5:12 AM 1+ week ago

Bloomberg YOKOHAMA, Japan Nissan reported a 25 percent surge in operating profit in the latest quarter on a richer sales mix as it booked a one-time charge to cover the contentious deferred compensation ousted Chairman Carlos Ghosn is accused of not properly reporting. Global operating profit advanced to 103.3 billion yen ($937 million) in the fiscal third quarter ended Dec. 31, CFO Hiroshi Karube said on Tuesday while announcing They were the first quarterly financials since the Nov. 19 arrest of Ghosn threw Nissan and its alliance with Renault into turmoil. As part of the report, Nissan booked a 9.23 billion yen ($83.7 million) charge for the deferred compensation allegedly owed Ghosn. That amount, covering the 2009-17 fiscal years, is the crux of two indictments against former chairman, who remains jailed in Japan. Prosecutors accuse Ghosn of falsifying official company financial filings by failing to report the income as a future liability against the company. Ghosn maintains his innocence, saying such pay was neither finalized, not disbursed. Therefore, there was no obligation to report it. Also indicted in the matter are Nissan, as a company, and Greg Kelly, a Nissan director and Ghosn confidant, who allegedly helped Ghosn. Kelly denies the charges, and like Ghosn, is awaiting trial in Japan. Nissan has not entered a plea in the case. But the company's booking of the deferred compensation indicates that it considers the pay a contractual obligation to Ghosn. Doing so may undermine Ghosn's legal defense. Nissan said in December it would correct financial filings for what it considers unreported liabilities, to bring them in line with the regulations of Japan's Financial Services Agency. CEO Hiroto Saikawa, who also attended the Tuesday earnings announcement at the company's headquarters here south of Tokyo, said Nissan may not need to actually disburse the amount. I personally don't think we will Read more.

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