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Ghosn’s alleged improprieties also raise questions over governance at the alliance in which the three partners’ boards are all chaired by a single executive. One Nissan headquartered manager told Reuters he was concerned decision making at the alliance, which vies with Volkswagen AG (VOWG_p.DE) and Toyota Motor Corp for the ranking of the world’s biggest automaker, could slow due to the lack of a unifying figure. The manager, who declined to be identified as he was not permitted to speak to the media, said he was also worried Ghosn’s departure could hit sales as fans of the charismatic leader abandon the company and corporate customers bound by compliance rules put orders on hold due to the scandal.

Speaking at a sable collie cufflinks late-night news conference on Monday, Nissan CEO Hiroto Saikawa said that too much power had been concentrated on Ghosn, and that the implications of his stewardship of both Renault and Nissan had gone unquestioned since 2005, Prosecutors said in a statement that Ghosn and Representative Director Greg Kelly conspired to understate Ghosn’s compensation over five years starting in fiscal 2010 as being about half of the actual 9.998 billion yen ($88.9 million), Ghosn joined Nissan in 1999 and became its CEO in 2001, He remained in that post until last year and had received 9.2 million euros ($10.53 million) in pay for the final year as CEO..

“By under-reporting his corporate salary, he basically deprived Nissan’s shareholders of opportunities to judge if the amount of his salary was appropriate,” Toru Ibayashi, executive director of Wealth Management at UBS Securities Japan, said of Nissan’s allegations. CEO Saikawa, a top ranking executive since 2011, emphasized that Nissan was a victim of Ghosn’s alleged misdeeds but declined to say whether others besides Kelly at the automaker were involved in the wrongdoing.

Nissan has been slow to strengthen its governance, with outside directors linked to the alliance or lacking business experience, said Zuhair Khan, head of Japan research at Jefferies, “Even in poor governance Japan, Nissan under Carlos Ghosn stood out for bad governance structure,” he said, Japanese public broadcaster NHK reported Nissan paid billions of yen for the purchase and renovation of homes for Ghosn in Rio de Janeiro, Beirut, Paris and Amsterdam, citing unnamed sources, The properties had no business purpose and were not listed sable collie cufflinks as benefits in filings to the Tokyo bourse, NHK said, Saikawa declined on Monday to discuss specifics on Ghosn’s personal use of company money..

Nissan spent 2 billion yen on homes for Ghosn in Rio and Beirut via a Dutch subsidiary, with Kelly overseeing the transaction, the Nikkei newspaper reported, citing unnamed sources. There has been no comment from Ghosn or Kelly on the allegations and Reuters could not contact them for comment. In a sign of the broader political fallout, Hitoshi Kawaguchi, Nissan senior vice president handling government relations, met with Japan’s top government spokesman on Tuesday, telling media he had requested good relations between Japan and France be maintained.

The Asahi newspaper cited unnamed sources as saying a company employee gave prosecutors information on Ghosn in return for lighter treatment, the second instance of a plea deal in Japan - a system introduced in June, Nissan shares fell to a two-year low of 940 yen before closing down sable collie cufflinks 5.5 percent at 950 yen, A record 140 million Nissan shares were traded on Tuesday, accounting for almost 6 percent of all trading on the Tokyo exchange’s main board, Shares of Mitsubishi, which also said on Monday it would remove Ghosn as its chairman, ended down nearly 7 percent, Renault shares lost 8.4 percent on Monday..

HONG KONG (Reuters) - Global private equity group KKR & Co (KKR.N) is expanding its presence in Asia’s infrastructure sector with new hires and is looking at launching a new fund as project spending in the region picks up. The firm has poached David Luboff, CEO of Macquarie Group’s Asia Infrastructure Fund, as its new head of Asia Pacific Infrastructure, people familiar with the matter told Reuters. Luboff, based in Singapore, will lead the Asian operations of the firm’s infrastructure business from early next year, the people said. Reuters could not reach Luboff for comment.

A KKR spokeswoman confirmed the hire to Reuters but did not provide additional details, KKR has also hired Hardik Shah, formerly with Brookfield Asset management, as a Mumbai-based director, the spokeswoman said, He will focus on exploring infrastructure investment opportunities, People familiar with the matter said KKR is also considering launching an Asian-focused regional fund, sable collie cufflinks following strong demand from investors keen to increase exposure to Asian and emerging markets, One of the sources said the fund could be as large as $1.5 billion and would look at areas such as power-related investments, toll roads and telecom infrastructure..

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