Photo/IllutrationReporters gather in front of Nissan Motor Co.'s headquarters in Yokohama on Nov. 19. (The Asahi Shimbun)

Nissan Motor Co. Chairman Carlos Ghosn, who is suspected of grossly under-reporting his income, also failed to report cash bonuses totaling about 4 billion yen ($35.6 million), sources said.

Along with his salary as chairman, Ghosn receives bonuses through stock appreciation rights (SAR), which serve as an incentive plan. The bonuses are paid out if Nissan’s stock price increases over a specified period of time.

Unlike stock options, the SAR holder does not have to put up any funds to receive the cash bonus.

According to the sources, Ghosn’s SAR bonus has been listed as zero in Nissan’s annual securities reports, although he has received at least 4 billion yen in the bonuses since fiscal 2010.

Other Nissan executives have reported between 10 million yen and several tens of millions of yen in SAR bonuses.

But Ghosn has long refused to allow his SAR bonus to be included in the securities reports, the sources said.

Whenever Nissan officials brought up the fact that his bonus figure was not included in the reports, Ghosn would say the amounts were personal information that did not need to be divulged, they said.

Prosecutors who arrested Ghosn and Greg Kelly, a representative board member, on Nov. 19 on suspicion of violating the Financial Instruments and Exchange Law, are trying to find a connection between the suspected under-reporting and the omission of the SAR bonuses in the company's reports, the sources said.