Carlos Ghosn, chairman for auto giant Nissan, has been arrested over allegations on financial misconduct. With an internal investigation underway, Ghosn may also be removed from his position at the company.

Nissan has been investigating both Ghosn and board member Greg Kelly. The focus was on the two's actions over the stock market and their abuse of the company therein. Nissan made the following statement

"The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation.
. . .
Numerous other significant acts of misconduct have been uncovered, such as personal use of company assets."

The two were arrested Monday evening by Japanese authorities. In the meantime, Nissan Chief Executive Officer Hiroto Saikawa plans to propose their removal from the company.

Ghosn's removal will affect more than just Nissan. He was also the head of the Nissan-Renault-Mitsubishi alliance, a coordinated effort between carmakers that is responsible for 11 percent of all vehicle made globally. As a result, Mitsubishi will also be taking action against Ghosn. Renault has also spoken out regarding the issue

"Pending provision of precise information from Carlos Ghosn, Chairman and Chief Executive Officer of Renault, the above directors wish to express their dedication to the defense of Renault's interest in the Alliance."

Nissan has been fully apologetic and has cooperated with the authorities as much as they can.

"Nissan deeply apologizes for causing great concern to our shareholders and stakeholders. We will continue our work to identify our governance and compliance issues, and to take appropriate measures."

Can you imagine being as wealthy as the chairman of three major car makers, and still trying to game the system for more money?