Photo/IllutrationOfficials with the Tokyo District Public Prosecutors Office enter the Yokohama headquarters of Nissan Motor Co. on Nov. 19 to investigate a case against Carlos Ghosn, the company chairman. (Chiaki Ogihara)

  • Photo/Illustraion

Carlos Ghosn, chairman of Nissan Motor Co., was arrested on Nov. 19 on suspicion of under-reporting his corporate salary by about 5 billion yen ($44.6 million).

Ghosn, 64, is accused of falsifying securities reports in violation of the Financial Instruments and Exchange Law, the Tokyo District Public Prosecutors Office said.

Greg Kelly, 62, a representative director at Nissan, was also arrested on suspicion of conspiring with Ghosn.

Prosecutors did not disclose whether Ghosn and Kelly acknowledged or denied the allegations.

Nissan Motor announced earlier on Nov. 19 that it would take immediate action to remove Ghosn as company chairman and representative director.

Ghosn was sent from France’s Renault SA to take over as chief operating officer of Nissan in 1999. He became Nissan president the following year, and was involved in rebuilding the automaker as both president and CEO from June 2001.

He concurrently became president of Renault in 2005 and led the move to partner with Mitsubishi Motors Corp. in 2016 after that automaker was found to have falsified fuel-efficiency data.

Ghosn became chairman of Mitsubishi Motors in December 2016.