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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