Nissan Motor Co Ltd Chairman Carlos Ghosn was arrested for financial misconduct, Japanese media reported on Monday.
Ghosn, a towering figure in the car industry, will be sacked from the firm after a board meeting on Thursday, the firm’s chief executive said.
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Ghosn has been accused of ‘significant acts of misconduct, including under-reporting his pay package and personal use of company assets.
The firm said it was unable to give further details on the offences.
According to Japanese media reports, which have not been confirmed, he under-reported an amount totalling 5bn yen ($44m; £34m) over a five-year period from 2011.
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“Nissan deeply apologizes for causing great concern to our shareholders and stakeholders,” the company said.
The firm said it had been providing information to the Japanese Public Prosecutors Office and would continue to do so.
Nissan said it also planned to oust senior executive Greg Kelly, who had been “deeply involved” in the misconduct.
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