".....To avoid reporting the full amount of his compensation in Nissan financials, as required by Japanese law beginning in 2010, Ghosn had Greg Kelly (a Nissan director and former head of human resources) structure complicated deferred payment plans that went unreported under his own interpretation of the disclosure rules- of which Nissan's auditors never agreed to, & totaled around $80 million at the time of their arrest. In addition to paying for properties & renovations in cities like Rio de Janeiro, Beirut, Paris + Amsterdam...Ghosn also charged family vacation expenses to the company using this method. He also shifted to Nissan personal losses of US $16.6 million related to a personal swap contract. In return for a personal letter of credit from Sheikh Khaled al-Juffali to Ghosn during the 2008 crisis, which served as bank-demanded collateral for Ghosn's swap contract, Nissan also indirectly paid $14.7 million from an internal discretionary fund known as the "CEO Reserve" to a wholly owned Juffali company in four installments."
He had some messy divorces too. This slushpuppy fund seemed purposed to conceal his true holdings & losses (behind company ink) which is obviously very illicit in Japan. Sad too...He was once a visionary. A cost-cutting mastermind & instrumental in pioneering one of the first modern electric cars to the world (Nissan Leaf).
