Nissan likely to be fined $22 million by Japan's markets watchdog

Japan's markets watchdog will likely recommend soon that the financial regulator fine Nissan about $22 million (2.4 billion yen) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

Nissan's former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around $84.71 million (9.1 billion yen) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan's No. 2 automaker.

Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the automaker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source.

The fine would cover a four-year period through March 2018, the source previously told Reuters.

Nissan and the SESC could not immediately be reached for comment.