Nissan's Ghosn arrested in Japan

Nissan's Ghosn arrested in Japan

Tokyo prosecutors have arrested Nissan Motor Chairman Carlos Ghosn on suspicion of underreporting his earnings.

Ghosn's executive compensation totaled nearly 1.1 billion yen, or about 9.7 million dollars, in fiscal 2016. But for fiscal 2017, he reported a total of 730 million yen -- down 33 percent.

Ghosn, from French automaker Renault, became Nissan's chief operating officer in 1999 after the Japanese maker received investments from the French firm. Nissan had been in a serious slump.

He became Nissan president the following year, and oversaw thorough streamlining efforts that turned the company's fortunes around.

In 2005, Ghosn also assumed the top post at Renault.

The French-Japanese group effectively put Japan's Mitsubishi Motors under its umbrella. Ghosn also became chairman of Mitsubishi, which was embattled by a mileage data tampering scandal.

Last year, Ghosn retired as Nissan president and CEO and became the company's chairman.

The group sold more than 10.6 million units last year, overtaking Toyota as the world's second-biggest auto seller.