A court in Tokyo has convicted former Nissan Motor Co. Ltd (OTC: NSANY) executive Greg Kelly for helping Carlos Ghosn hide pay from financial regulators, Reuters reported on Thursday.
What Happened: Ghosn, Nissan's former chairman, had fled from Japan to Lebanon in late 2019 after being charged for underreporting his future compensation and breach of trust.
The chief judge in the case on Thursday imposed a six-month suspended sentence on Kelly after finding the “existence of unpaid remuneration", but said the American executive was not aware of all 9.3 billion yen ($80.46 million) of hidden payments over a decade, as per the report.
Why It Matters: The verdict puts to an end an 18-month long trial. Kelly was arrested alongside Ghosn, according to Reuters.
Ghosn in 2020 denied all accusations against him and compared his detention to the Japanese attack on Pearl Harbor.
Price Action: On Wednesday, Nissan OTC shares closed 1.3% lower at $9.20.
Photo by World Economic Forum on Wikimedia
