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Former Nissan Motor Chairman Carlos Ghosn leaves the Tokyo Detention House in Tokyo, Japan, April 25, 2019.Issei Kato/Reuters

Japan’s markets watchdog will likely recommend soon that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen (16.7 million pounds) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.

Nissan’s former Chairman Carlos Ghosn was arrested in Tokyo in November last year over allegations of financial misconduct, including understating his salary by around 9.1 billion yen ($84.71 million) over a period of nearly a decade and temporarily transferring personal financial losses to the books of Nissan, Japan’s No. 2 auto maker.

Reuters reported in June that Nissan would be fined up to 4 billion yen and it may receive a reduced fine of around 2.4 billion yen if the auto maker filed documentation to the Securities and Exchange Surveillance Commission (SESC) before the formal investigation begins, citing a source.

The fine would cover a four-year period through March 2018, the source previously told Reuters.

Nissan and the SESC could not immediately be reached for comment.

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