Ghosn, if found guilty of violating the financial law, could be facing punishment of up to 10 years in prison, a fine of up to 10 million yen (89,000 U.S. dollars), or both.

A fine of up to 700 million yen (6.23 million U.S. dollars) can also be slapped on companies under the law.

The shocking fall from grace for Ghosn has once again highlighted Japan's growing need for improved corporate governance, particularly in its scandal-plagued manufacturing sectors, and for inherent and time-honed fraudulent practices to be eradicated by executive power being decentralized and checks and balances upheld from shop floors to boardrooms, industry insiders maintain.

Japan's Industry Minister Hiroshige Seko said Tuesday that Nissan Motor must "take a frank and honest look at improving governance," adding that he was "deeply disappointed with what's happening."

"I want Nissan to have thorough discussions on governance in the third-party panel that the board plans to set up," Seko was quoted as telling a press briefing on the matter.

As for Ghosn's alleged financial improprieties and subsequent arrest, Seko said the whole matter was "extremely regrettable."

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