The head of Nissan will be fired for lying about his income

Nissan Motor Co. Chairman Carlos Ghosn will be fired after the company said an internal investigation found he understated his income by millions of dollars in filings and engaged in other significant "inappropriate behavior." Japan's NHK television reported that Ghosn was taken into custody this morning after voluntarily appearing for questioning at the Tokyo prosecutor's office. The prosecution did not confirm this. The Yokohama-based company, one of the world's largest automakers, said the violations were discovered during investigations over the past few months initiated by a whistleblower. Gosn (64) allegedly used the company's property for personal gain, according to the investigation. Nissan said it would provide information to prosecutors and cooperate with the investigation. One of the directors of Nissan, Greg Kelly, is also allegedly involved. The two reported income for a total of about five billion yen (38,8 million euros) less, the Japanese agency Kyodo reported. Nissan CEO Hiroto Saikawa plans to propose to the board that Ghosn and Kelly be removed, the company said in a statement. The Nissan-Renault-Mitsubishi Group is among the largest automotive partnerships in the world, with around 10 million vehicles sold. Before joining Renault, Ghosn worked for Michelin in North America. Shares of French Renault fell 14 percent this morning. News of Ghosn's problems emerged after the Japanese stock market closed. Ghosn is credited with leading a remarkable turnaround at Nissan over the past two decades, saving the company from the brink of bankruptcy after he was sent from Renault. He was Nissan's chief executive from 2011 to April 2017, having been head of Renault in 2005, leading two companies at the same time. In 2016, he also became the president of Mitsubishi. In the previous two decades, he had an unusually prominent position in Japan, where foreigners are still rare in the management positions of large companies. Ghosn made magazine covers dressed in a kimono and promised to revamp Nissan's brand. He was widely praised in Japanese business circles for successfully cutting costs and introducing greater efficiency when Nissan needed a fresh start.