Nissan Motor's Co Chairman Carlos Ghosn apprehended for 'financial misconduct'

Japanese multinational automobile manufacturer, Nissan Motor Company Ltd. reported on Monday about the arrest of its Co Chairman Carlos Ghosn for alleged financial misconduct. Besides, Ghosn will be sacked from the firm after a board meeting on Thursday, its cheif executive said.

Ghosn, who has throughout been a towering figure in the car industry, has been accused of significant acts of misconduct including under-reporting of pay package and personal use of company assets.

Nissan is the world's sixth-largest carmaker and its site in Sunderland is the UK's biggest car plant.

"I feel despair, indignation and resentment." said Nissan chief executive Hiroto Saikawa at a news conference. "As the details are disclosed I believe that people will feel the same way as I feel today."

Mr Saikawa said Nissan would now try to "stabilise the situation, and normalise day-to-day operations" for staff and business partners.

Saikawa, a long-standing lieutenant to Ghosn, said he could not give specifics on the personal use of company money but that the wrongdoing was serious and had gone on for years.

It said it had been conducting an internal investigation for several months, prompted by a whistleblower.

According to Japanese media reports, which have not been confirmed, he under-reported an amount totalling 5bn yen (£34m) over a five-year period from 2011.

Saikawa said he would propose at a board meeting on Thursday to remove Ghosn and Representative Director Greg Kelly, who was also accused of financial misconduct.