Shanghai (ZXZC)- After Japanese media reported that Nissan Motor’s Chairman Carlos Ghosn violated Japanese financial law, the automaker confirmed that it has been investigating over the past several months on the chairman and Representative Director Greg Kelly.

Nissan said that the investigation showed that the two executives have been reporting less compensation amounts than the actual amounts for many years. Besides, the automaker has also uncovered other serious misconduct of Ghosn, such as personal use of company assets, and Kelly’s deep involvement has also been confirmed.

Hiroto Saikawa, Nissan’s Chief Executive Officer will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as Chairman and Representative Director.

In 1996, Renault recruited Ghosn as executive vice president. After Renault purchased a 36.8% stake in Nissan, Ghosn joined Nissan as its chief operating officer (COO) in June 1999 and became its president in June, 2000. Ghosn became the Japanese automaker’s CEO in the following year.