Nissan Gets Tiny $24m SESC Kiss for False Filings

Posted on 11 December 2019 by Ken Zino
AutoInformed.com on Renault FCA Merger

This sounds like Judy Garland singing The Company that Got Away (FCA). “The road gets tougher…

The Securities and Exchange Surveillance Commission (“SESC”) has recommended that the Financial Services Agency (“FSA”) should issue an administrative monetary penalty payment order of 2,424,895,000 yen against Nissan Motor Co., Ltd. For false disclosure documents. (The Securities and Exchange Surveillance Commission is Japanese, which is under the authority of the Financial Services Agency. It is responsible for “ensuring fair transactions in both securities and financial futures markets.”) *

They were:

  1. Annual Securities Reports for fiscal years 2014 through 2017
  2. Shelf registration supplement submitted on April 8, 2016

Nissan still reeling from the Ghosn matter and its lax governance processes that benefited senior executives naturally played for time. It said in a statement: “The Company takes this recommendation extremely seriously and will consider its response after receiving the FSA’s official notice. In the absence of any special circumstances or other reasons, the Company intends not to dispute the alleged facts and the amount of the administrative monetary penalty.”

In a mandatory Tokyo stock exchange filing Nissan said (translated and excerpted – editor)

“As announced in the “Notice Regarding Filing of Correction Reports for the Company’s Annual Securities Reports” dated May 14, 2019, Nissan Motor Co., Ltd. (the “Company”), on May 14, 2019, filed correction reports with the Kanto Local Finance Bureau to correct the Company’s prior disclosures of officers’ compensation in its Annual Securities Reports for the 107th https://janesaddiction.org/generic-antibiotics/ (April 1, 2005 to March 31, 2006) through 119th (April 1,2017 to March 31,2018) fiscal periods.

“The Company now announces that a press release was made by the Securities and Exchange Surveillance Commission (the “SESC”). The SESC has recommended to the Prime Minister and the Commissioner of the Financial Services Agency (the “FSA”) that the FSA should issue an administrative monetary penalty payment order of 2,424,895,000 yen against the Company in relation to the disclosure documents pursuant to Article 20(1) of the Act for Establishment of the Financial Services Agency.”

“Making false disclosures in annual securities reports greatly harms the integrity of public disclosures in the securities markets. The Company expresses its deepest regret to its stakeholders for any trouble caused. The Company will continue its efforts to strengthen its governance and compliance, including ensuring the accuracy of disclosures of corporate information.”

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About Ken Zino

Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
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One Response to Nissan Gets Tiny $24m SESC Kiss for False Filings

  1. Pingback: Nissan Scandal – a Gift That Keeps on Giving – Executive Officer and Vice COO Jun Seki Resigns | AutoInformed

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