Nissan moves to fire chairman over financial misconduct allegations

Nissan said Monday it was taking steps to remove its chairman, Carlos Ghosn, for allegedly violating Japanese financial law, CNBC reports. The Japanese auto maker said Ghosn and board director Greg Kelly had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report for years. Nissan said "numerous other significant acts" by Ghosn had been uncovered, "such as personal use of company assets."

Trading of Nissan shares had already ended by the time the news broke, but shares of French auto maker Renault, also led by Ghosn, dropped by 13 percent, hitting their lowest level in three years. Japanese media reported Monday that Ghosn had been arrested.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.