Ghosn Indicted for Misappropriating Nissan Funds

Prosecutors in Japan have indicted former Nissan Motor Co. Chairman Carlos Ghosn for diverting company funds for his own use.

The charge is the fourth leveled against Ghosn since his arrest in November and is considered by legal experts the most serious to date. The indictment says he directed some 560 million yen ($5 million) to a Lebanese investment firm he controlled and which was used in part to buy a yacht.

Ghosn previously was indicted on two charges relating to 9 billion yen ($82 million) in underreported compensation over eight years and temporarily transferring 1.9 billion ($16 million) in personal investment losses to Nissan.

Media reports says Ghosn’s legal team is likely to submit a new request today for bail. He was released on $9 million recognizance on March but was re-arrested five weeks later on the new charges. Ghosn, who says he is innocent of all charges, also describes himself as the victim of a conspiracy by disgruntled Nissan executives.