Nissan and Mitsubishi have announced the results from their joint investigation into the (alleged) misconduct carried out by Carlos Ghosn, who is the former chairman of both companies. Ghosn was arrested back in November 2018 on suspected financial law breach for under-reporting of his corporate salary.

According to an official release, it was revealed that Ghosn received improper payments from Nissan-Mitsubishi B.V. (NMBV), a joint venture company established by Nissan and Mitsubishi Motors in June 2017.

The Netherlands-based company’s role is to explore and promote synergies within the Nissan-Mitsubishi Motors partnership, and Ghosn was named the director of the company.

Under his contract with NMBV, Ghosn received a total of 7,822,206.12 euros (RM36,656,920), including tax, in compensation. It is stated that Ghosn entered the contract without first discussing with other board members, namely Nissan CEO Hiroto Saikawa and Mitsubishi Motors CEO Osamu Masuko.

This is despite a clear requirement that any decisions regarding director compensation and employment contracts specifying compensation must be approved by NMBV’s board of directors. Saikawa and Masuko reportedly not receive any compensation or other payments from NMBV.

Aside from the above-mentioned discovery, the investigation also confirmed that Ghosn, former representative director Greg Kelly and others began to explore the possibility of paying undisclosed compensation to Ghosn through an equally-owned Netherlands-based unconsolidated joint venture between the companies.

This was soon after the announcement in 2016 that Nissan and Mitsubishi Motors would forge a strategic alliance. Nissan says it views the payments Ghosn received from NMBV was a result of the misconduct, and is looking at measures to recover the sum in full.